I bought an apparent for 25l on 11.11.20
and sold a property for 40l on 04.04.22 in which I have a long term capital gains of 20l. can this be set off against the purchase of the apartment.
As per section 54 of the Income tax act , exemption is available for only Long term capital gains ,( holding period more than 24 months) ,
In your case holding period is less than 24 months ( 11.11.20 to 4-4-22 = 1year ,5 months) So it's short term capital gains , therefore you can not claim any exemption . Capital gain tax payable .
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