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LTCG ON RESIDENTIAL FLATS

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V K Vijayaraghavan

PRACTICE FROM CHENNAI

240 Points Posted on 04 January 2021

Hello Members

My query is on LTCG on sale of flats

1. Wife has 2 flats which was used as self occupied but let out one flat about one year ago

2. Husband has another flat in another state used as self occupied for 20 years now let out about 2 years ago

The query is

Can the the sales proceeds of the above 3 be reinvested in the joint names of husband & wife in another property to avail relief of tax on LTCG

Replies (3)

Quick Summary

This discussion explores the tax implications of Long Term Capital Gains (LTCG) on the sale of residential flats. The core question is whether sale proceeds from three flats, previously self-occupied and now let out, can be reinvested in a new property under joint names to claim tax relief. The advice suggests that each individual's capital gain must be invested separately in their own name to qualify for relief under Section 54.