Hi, I recently sold my residential flat for 78 Lacs (which is higher than stamp duty value, therefore sec. 50C not applicable) , which I purchased 3.5 years ago for40 lacs. The Indexed cost of acquisition comes to58 Lacs, which arises a long term capital gain of 20 lacs (78-58)....
However, 9 months ago(from the date of selling above flat), I had booked an under construction residential flat from a reputed builder for 70 lacs, the possession of which is after 2.5 years. I already paid5 lacs as down payment and will pay10 lacs as first installment before end of this Prev. year. The rest of amount will be paid in installments(which fall after this prev. year) as and when the due dates come up.
Am I eligible for exemption u/s 54 of the Income Tax Act? If yes, what amount of money should I deposit under Capital Gains Scheme before the due date of filing returns of this prev. year? Any comments/suggestions would be highly appriciated..
CAclubindia
