Long term capital Gain tax saving doubt

If  Long term gain from Stocks/House sale is reinvested as new house/land/stocks then entire gain wont be taxable ? Please guide

 

if it is bought at 2020  and LT gain received in 2021 then can I use last year property/stocks that purchased to mitigate gain of next year 2021 

or

if it is bought at 2022  and LT gain received in 2021 then can I use 2022 year property/stocks that purchased to mitigate gain of year 2021 

 

 

 

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Quick Summary
This discussion explores doubts surrounding Long Term Capital Gains (LTCG) tax when profits from assets like stocks or property sales are reinvested. It questions whether reinvesting the entire gain into a new house, land, or stocks exempts it from taxation. The user also seeks clarification on utilising previous or future property/stock purchases to mitigate current year gains, referencing exemptions available under Sections 54 and 54F of the Income Tax Act for new house purchases within specific timeframes.

Exemption is available for purchase of new house.

Time limit to buy the house is 1 year backward or 2 years forward from date of sale of existing asset.

For more, read about section 54 and 54f of income tax act.

Read and refer section 54 and 54f (Capital Gain Exemptions) of the income tax act

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