I had purchased a house in june 2023 for Rs 1 crore it was a flat booked and balance 20 percent payment is still payable as it is under construction and expected delivery is novemeber 2024. . i have sold 2 small residential propertiesin FY 24 against this flat where the capital gain after indexation is 4 lakh In august 2024 i intend to sell a commercial shop of 50 lakh which has a capital gain of 30 lakh other then these i own my residential flat currently staying and 3 small residiential flats . will i be allowed tax exemption U/S 54 in FY 24 & FY 25
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TAX EXEMPTION U/S 54
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Quick Summary
You are not eligible to claim exemption of LTCG of Commercial property u/s. 54F of IT act. Any LTCG over house properties can be claimed u/s. 54 of IT act.
Sell and purchase must be consecutive .
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