Hello -
I plan to sell my residential property next year (abt 2 Cr). In order to get exemption on long term capital gains, I plan to purchase another residential property.
I plan to make the purchase this FY (March) and sell my current property next FY sometime Oct-Nov.
Can you please provide some guidance on my below queries?
- I understand property can be purchased 1 year before or 2 years after the sale. Could you please confirm? Any specific ITR forms needed, as the purchase is prior to the sale?
- As I will not receive my capital gains yet for the sale, can I purchase with my personal savings / pension amount (and not take any loan)? (I am Senior Citizen, 70 years)
- Should the purchase be made with SALE AMOUNT or LTCG AMOUNT?
I am very thankful if someone can provide guidance here.
Thank you!