Hello Friends,
I have one query regarding Sale of Second House owned singly by Senior Citizen.
Instalments for Payment towards Second Flat was started from 24.04.2010 & Completed on 3.11.2018. Total Purchase Cost is 1293199/- & Indexation of this total cost comes to 1866616/-. There by LTCG comes to 683384/-. Possession of the Flat was given by builder on 8.6.2014 & this flat was subsequently given on Rent.
Sale price of this flat is 2550000/-.
What will be position as far as Taxability of this LTCG is concerned.
Whether he can buy another Flat to avoid LTCG Tax and if he can, upto what amount he should invest in new flat ?
T & R
K P Bhanushali
CAclubindia
