LTCG exemption on property sale

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77 Points Posted on 09 July 2023

Hi,

      I sold my land in June 2022 and incurred some Long Term Capital gains. I purchased a house last month (June 2023). Can I avail LTCG exemption for my land sale by showing my house purchase ?

Thanks

Mani

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On 09 July 2023 at 20:44 Report
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Quick Summary
This discussion explores the eligibility for Long Term Capital Gains (LTCG) exemption following a land sale. The user sold land in June 2022 and purchased a house in June 2023, asking if this purchase qualifies for LTCG exemption. The advice clarifies that the new property must be purchased within six months of the land sale to claim the exemption and avoid tax.

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Chartered Accountant
533 Points Posted on 10 July 2023
Should be invested within 6 months of sale or deposit in capital gains scheme in bank
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On 10 July 2023 at 00:08
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Profession
28271 Points Posted on 10 July 2023
There is another criteria.
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On 10 July 2023 at 17:04
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77 Points Posted on 10 July 2023

Hi Sabyasachi Sir, 

                               Can you elaborate on the other criteria you mentioned?

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On 10 July 2023 at 19:06
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Profession
28271 Points Posted on 13 July 2023
Within 6 months or 2 years from the date of purchase òf the property.
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On 13 July 2023 at 12:18
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77 Points Posted on 13 July 2023

So I am eligible for LTCG exemption and no need to pay tax since I purchased house one year after the sale of my land plot. Is that correct?

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On 13 July 2023 at 13:33

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