Capital gain exemption

Rajeev Garg (DOF) (71 Points)

25 December 2012  

Hi Experts,

I booked a residential apartment during pre-launch in a Gurgaon in May 2008. I paid 95% until April 2012 but still waiting for the poseession. Finally I sold the apartment to an individual in December 2012 (received part payments during September, October, November and final payment in December) and made a capital again around INR 17 lacs (without indexation). It is to be noted that buyer did not deduct any TDS.

My first quesiton is : Does it consider to be LTCG being over 3 years of booking? If so will the indexation apply?

I have booked another apartment in Greater Noida in September and paid around INR 5.05 lacs and INR 17.14 lacs in December 2012.

My second question is : How to show this in ITR? Do I need to apply for tax exemption to my ITO under section 54?

My understanding was not to show anywhere if it is a LTGC as I have invested in CG within 6 months in another project before the end of Assessment year.

Please guide me. I do file my own tax returns and I am an NRI.