Long term Capital Gains on Sold property.

If I sold a plot/Site(10Yrs Old) in Dec22 and paid advance to buy new Flat in July 2023, I want to sell one 6 yrs old apartment to buy the same Flat after July 2023,   Total sold amount (Site & Apartment) less that New flat cost.

Shall I get capital gain excepemtion.

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Quick Summary
This discussion explores capital gains tax exemptions for property sales. The user sold a plot and plans to sell an apartment to fund a new flat purchase. They are seeking clarification on whether the total proceeds from these sales, exceeding the cost of the new flat, qualify for capital gains tax exemption. The specific figures provided involve a plot sale for £80L and an apartment sale, with a new flat costing £1.3Cr and an advance of £60L already paid.

Pls post values easier to comprehend.

cost of Plot sold in Dec22 : 40L, To be sold cost expcetation: 80 L 

Advance given to New flat: 60L

New Flat cost :                 : 1.3Cr

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