Am i eligible for tax exception for new property bought before sale of old property (Same financial year, just 1 month gap)

KRD 1
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Hi Pankaj,

I recently purchased an apartment for 45 lac rupees in Feb 2012, but sold my old apartment for 50 lac rupees in March 2012. this old apartment was left to me by my grandmom when she passed away.

She had purchased this in the year 1971 and i have no official receipt from this purchase of hers. My question is this investment in the new property of 45 lac rupees, can i claim exception from my sale of the old property?

Thanks

long-term-capital-gains tax-benefit section-54 income-tax
1 Answers

As per section 54, tax benefit is applicable if possession of new residential house property is received within one year before sale and two years after sale. So you would be able to claim tax benefits u/s 54.

Pankaj Batra5212
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