I sold a property in 2017-18
Sale Consideration:- 4.18 crore
ICOA:- 3, 43 ,18,240
Capital gains:- 74,81760
Less:- Exemption claimed u/sec 54 of 74,81,760 buy purchasing a property consisting of 1 house with 5 flats , each flat value being 82 lacs through a single agreement of 4.10 crore(5flats*82lacs)
Now in FY 2018-19 one flat being sold at 82 lacs
Do i need to pay capital gain taxes
Whether the property sold in 2017-18 was house property?
In that case, you were required to invest only Rs. 75 lakhs in a house property.
Which means only one flat is enough for capital gains exemption u/s. 54 of IT act.
Balance amount you can invest at your discretion.
Moreover there is no restriction over number of house property owned. (for claiming sec. 54 exemption).
Only point for objection is single agreement for all five flats....
Once that point is cleared, you are at liberty to sell remaining flats and pay tax over any gain, be it ST or LT.
Chirag N Shah & Associates
Mumbai
CA Inter
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