LTCG on residential and agricultural property

Hello pankaj sir, I purchased a agricultural land in 2008 for 5 lacs and got half of the land converted into resideial land. In 2015 January I sold the entire land for 20 lacs. In 2013 I have booked a flat on 20 lac loan and now paying full emi. Possession of the flat will be given in 2016. Can I use the sales proceed from the land sale to clear my loan and save on LTCG?

asked Jan 27 '15 at 23:54 by sanjay singh 11

As the new flat cost is more than sale consideration of land sold, you can claim tax exemption u/s 54F.

answered Feb 05 '15 at 16:47 by Pankaj Batra 5.2k320


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Asked: Jan 27 '15 at 23:54

Seen: 1,651 times

Last updated: Feb 05 '15 at 16:47