Need A Financial Product › Forums › Tax Savings › Can I save long term capital gain tax

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  • November 3, 2014 at 1:34 pm #48260
    samkapoor77
    Keymaster

    I have sold my old flat for Rs. 45 lakhs with LTCG of Rs. 18 lakhs. I will utilize the money in buying a new house for Rs. 60 lakhs. For remaining amount, I will borrow home loan. If I sell my 2nd flat next year and use the proceeds in repaying home loan, will I be able to save LTCG tax.

    November 5, 2014 at 4:41 am #48261
    samkapoor77
    Keymaster

    As per section 54, you can claim exemption if you use the amount in purchasing another house property before one year of sale or within 2 years of the sale.

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