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Mihir

Mihir Tanna |349 Answers |Ask -Follow

Tax Expert - Answered on Mar 15, 2023

Question by S.S.Gangwar on Mar 13, 2023

Money

Can the LTCG earned by father by sell of a house property be invested in house construction of his son and get tax exemption on LTCG

Ans: No

Person who earn capital gain is required to invest gain amount in another property to claim tax exemption within prescribed time limit.

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Anil

Anil Rego |305 Answers |Ask -Follow

Financial Planner - Answered on Jul 27, 2022

ANIL

Question by ANIL - Jul 27, 2022

Money

Kindly clear my doubt about capital gains tax on LTCG. I sold my flat during 2021 thus received LTCG. During 2018 I signed an agreement to buy a flat and paid 90% of cost of new flat to owner of flat. Now I have to pay him 10% remaining cost to get the flat registered in my name. Can I show new flat purchased after getting registration done as investment to save tax on LTCG?

Ans: To get tax benefit on the LTCG, capital gains should be used to purchase or construct another house. The new house should be purchased one year before or two years after the sale of the old house.

Any additional payments made during this defined period can be claimed for reinvestment in a house.

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