I have sold one flat for 49 lacs in Feb 2018. This was purchased in 2007. Further have sold another flat in May 2018 for RS. 75 lacs which was purchased in 2011. With the collective proceeds have purchased one flat for my self use.
Have query on filing of return. Should I combine sales proceeds of both flats and show it in the tax return for AY 2018-19? Or should I only consider first flat since it was sold before March 2018 and take exemption under 54 for part amount invested in buying flat and then next year consider second flat proceeds and take exemption under 54 for Bal investment of proceeds.
CAclubindia
