Hi,
I sold my land in June 2022 and incurred some Long Term Capital gains. I purchased a house last month (June 2023). Can I avail LTCG exemption for my land sale by showing my house purchase ?
Thanks
Mani
5 Replies
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 10 July 2023
Should be invested within 6 months of sale or deposit in capital gains scheme in bank
Manigandan
(39 Points)
Replied 10 July 2023
Hi Sabyasachi Sir,
Can you elaborate on the other criteria you mentioned?
sabyasachi mukherjee
(27579 Points)
Replied 13 July 2023
Within 6 months or 2 years from the date of purchase òf the property.
Manigandan
(39 Points)
Replied 13 July 2023
So I am eligible for LTCG exemption and no need to pay tax since I purchased house one year after the sale of my land plot. Is that correct?
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