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LTCG exemption on property sale

Tax queries 409 views 5 replies
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68 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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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
1 Reply
On 10 July 2023 at 00:08
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Profession Business
28207 Points Posted on 10 July 2023
There is another criteria.
44 Reply
On 10 July 2023 at 17:04
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68 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 Business
28207 Points Posted on 13 July 2023
Within 6 months or 2 years from the date of purchase òf the property.
44 Reply
On 13 July 2023 at 12:18
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68 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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