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

This topic contains 1 reply, has 2 voices, and was last updated by  Ram Gaikwad 2 years, 1 month ago.

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  • #48260

    Ram Gaikwad
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    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.

    #48261

    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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