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Capital gains on selling two properties to buy one property

Devanand (Service) (21 Points)

20 January 2024

Hi-A simple queries:

1. About capital gains of sale of two flats. Whether we should sell (registry of the sale seed) both the flats in same financial year or one in one financial year (FY 2023-24) and another in next financial (FY 2024-25) to save LTCG for purchasing one new flat in the FY 2024-25?

2. Can I carry forward TDS on sale of any property to next year if 50 % consideration I get in this FY 23-24 and remaining 50% in the next FY 24-25. Registry will be done in the FY 24-25.

2. How can I show 50 % money I got in current FY 2023-24 in ITR?

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2 Replies

Yasaswi Gomes new (Finance ) (4501 Points)
Replied 21 January 2024

You can sell 2 properties in the same period and buy one as long as ltcg doesn’t exceed 2 crores.

It's pertinent to note that Sale of Land or Building will not attract the TCS provision as both are immovable properties. Hence Real Estate transactions is out of ambit of TCS

tds will be deposited by the purchaser

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Sharath chandra (Accountant) (1227 Points)
Replied 21 January 2024

2. Can I carry forward TDS on sale of any property to next year if 50 % consideration I get in this FY 23-24 and remaining 50% in the next FY 24-25. Registry will be done in the FY 24-25. ---- No. TDS needs to be paid when you receive the money. Pay 50% tds on first installment and remaining on second. But buyer will pay it.

2. How can I show 50 % money I got in current FY 2023-24 in ITR? -- If one flat is sold, show that capital gain here in 23 24.

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