LTCG from property -- purchase of new property

Harsha (Software professional) (214 Points)

16 January 2020  

Help all,

 

I am in the process of selling my home and purchase of a new home. So that I can save LTCG tax.

 

I have an important question . Is it mandatory that my date of purchase should be later than the date of sale of my original home? One of my friends has indicated that I must purchase only after the sale. Otherwise exemption from LTCG as well as source of fund for my purchase would be in  trouble.

 

Please clarify on the matter.

 

Regards

Harsha