12 December 2011
I bought a flat in the year oct,2003 for Rs. 900000. and have sold the flat in december,2011 for Rs. 30 lacs. After taking into consideration Cost of inflation index i will have a capital gain of Rs. 18 lacs approximately.
I have the following queries. 1. I have booked one under construction flat in June 2010. one and half years ago. This flat is under construction and will get the possesion in 2013. I have paid around 30 lacs till now and have to pay around same amount as balance. Can I utilise the capital gains to make further payment towards the underconstruction flat booked one and half years ago. and claim capital gain exemption. 2. Or Can i buy one more underconstruction flat or ready to move in flat to get the capital gain exemption. Please advise. regards Navdeep
CAclubindia
