Do I have to declare the (LTCG) sell transaction in AY 2025-26. In that case how do I save tax as I will purchase the flat in FY 2025-26.
Ans: 01. Yes. You will have to declare LTCG for sold property after April 2024, in the ITR of AY 2025-26.
02. You may avail the exemption u/s 54. If you purchase new property till the last date of filing your ITR (31st July), there is no problem. If you purchase the same after that date, then, you may keep the amount of Investment in Capital Gain Account Scheme with a bank. However, you are supposed to purchase new house with in 2 years of sale of property, on which there is a LTCG.
Most welcom for any further clarifications. Thanks.
