14 December 2012
I purchased a land and constructed a residential house in the Financial Year 2000-2001. Cost of which was Rs.7,50,000/-. The said residential property is being sold by me this week and will be registered in purchaser's name within 2 months. Before selling the above property I had already purchased a residential plot today & got registered in my name. Please advice me whether the same will be accounted for while computing the LTCG, as the Sell of residential house and purchase of residential plot is within the same financial year i.e. 2012-2013.
14 December 2012
First Calculate LTCG i:e 750000 - Index Cost of Purchase - Index cost of Improvement. Now you Have to Purchase a New Land or Residention House upto the amount of Capital gain only to avail a deduction us/54.
You have a time limit for purcahse a new house befor 1 year or after 2 year from date of sale (even in SAME FY). yes u r eligiable for an exemption u/s 54.
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