Hi
No, exemption will not be available. The time limit for the same is only one year i.e. 12 months.
LTCG on sale of House property set off against Houae purchased
I have purchased a new house property A in May 2019 or FY2019-20. Now I have sold my 11 years old house property B in Feb 2021 with a capital gain of 25 lacs after indexation. My question is whether the LTCG from recent sale of house property B in Feb 2021 or FY2020-21 can be offset against house property A purchased in FY2019-20? The actual difference between the two sale deed is 21 months, but it is across two consecutive FYs. Please advice.
Asked 4 years ago in Capital Gains Tax
Not allowed as the purchase of A should be within one year before sale of B.
Hi
As per section 54 it should be Within a period of one year before or two years after the date of transfer of old house, the taxpayer should acquire another residential house or should construct a residential house within a period of three years from the date of transfer of the old house.
Therefore you are not eligible for the same.
Dear Sir,
Hope you are doing well !!
It is beyond time period so exemption shall not be available.
No you cannot.
It can be done only for house purchased 1 year before.
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