In the FY 22-23, I had approximately 89 lakhs profit including intraday/short-long term gains.
In this same year I bought a flat for approximately 77 lakhs (inclusive of all regn and service charges etc.) and in addition I spent around 4 lakhs for furniture etc. - a total 81 lakhs spent.
Whether I could adjust the above 89 lakh profit gains to the flat purchase/furniture amount of 81 lakhs - to avail the tax adjustments.
Tour response will be highly appreciated and surely helpful to me. Thanks with regards
07 July 2023
If you have long term capital gain from any source of investment, you can get exemption for the flat purchase, (subject to other conditions as per sec. 54F IT act); but for short term capital gain there is no option.
09 July 2023
So, you can save only tax over long term capital gains i.e. 75 lakhs by investment of relevant sale proceeds in house property u/s. 54F of IT act.
10 July 2023
Yes, for STCG there is no exemption. Also check if total of LTCG is eligible for exemption u/s. 54F, as it depends upon total investment of sales proceeds.
10 July 2023
Thank you very much Dhiraj Sir for your lightning responses with all relevant information to be taken care. Highly appreciated for your valuable suggestions and advice. I will surely check with the same as you recommended. with great respect and love. ⚘ GK (Gopal)🙏
CAclubindia
