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Sold property in March 2023, booked new flat in September 2024 and possession in November 2024: What are LTCG implications?

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Sep 22, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by RAMENDRA on Sep 22, 2024Hindi

Money

I have sold a residential property in March 2023 and booked a new flat for which last instalment paid in September 2024 and possession will be in November 2024. What will be LTCG implication ?

Ans: Hello, it depends on the date of agreement of the new house

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have purchased new constructed flat at 70Lac in 2015 and intends to sell at 1 Cr. I intend to book an under construction flat 1st with booking amount of 5 lac with total price 1.35 CR (To be completed in 2026) and sell my flat immediately after booking. How LTCG will work in this case? Do I need to open new bank account or current saving account can be used to receive money after selling my flat?

Ans: You have to pay LTCG on flat purchased in 2015 @20%. Rights in under construction property is also capital asset and short term capital gain will arise on transferring the same. Slab rate is applicable in said case.

You can get the Indexation chart (CII) https://incometaxindia.gov.in/charts%20%20tables/cost-inflation-index.htm
and
Calculate capital gain https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

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Asked by Anonymous - Jan 21, 2025Hindi

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I booked a Flat in 2008 for 46L, paid all instalments in 2010, got possession in 2013, got registered in 2018, sold in 2023 for 78 L. The agreement value and registry value was same. As per indexation am I liable for any LTCG ❓

Ans: Considering your investment in Residential Property Rs.48.00 L in F/Y 2010-11, which you sold in F/Y 2023-24 for Rs.78.00 L, there will not be any LTCG, after considering Indexation.
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