I have sold a residential flat recently which gave a long term capital gain of Rs.26L. I have 3 other residential flats also in my name bought from own savings and 1 flat in joint title through housing loan. Please advice, can I save this capital gain of 26L by investing in another residential property in my name? I have so far never availed any exemption from sale of any property.
3 Replies
Miss Mansi Bhojani
(Practicing Chartered Accountant)
(1736 Points)
Replied 07 June 2018
As you have other house properties in your name, you can take exemption from capital gain u/s 54 EC by investing the amount in specified bonds but there are restrictions like amount must be invested within 6 mths from date of transfer.
Sarath Rajendran
(Nil)
(2791 Points)
Replied 08 June 2018
54 EC and 54EE
Please find this https://finotax.com/income-tax/info/cg-deductions
Hardeep Kharbanda
(2 Points)
Replied 08 June 2018
I understand one can save LTCG by investing in one more residential property (section 54) I believe this is applicable in one property only and since I have never taken this advantage, can I take now by purchasing another res prop?
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