Capital gains related query
Ranjan Luthra
(Querist) 20 June 2015
This query is : Open
Hello,
I've the query related to capital gains for the following situation:
Transaction 1:
I had purchased a flat in 2006 for 20 Lakhs and sold it in Nov 2011 for 57 Lakhs. The long term capital gain of 20.4 Lakhs (post indexed cost consideration) was re-invested in the Dec 2011 year in an under-construction property (Cost 80 Lakhs) that was supposed to be constructed with-in 3 years (by Dec 2014).
Transaction 2:
However, the construction got delayed by an year and now I'm selling this under-construction property for a sale consideration of 1.2 Cr given my changed family needs. I'll re-invest the capital gain ( 3 years) and re-investing the entire sale proceeds into a different investment, can i claim LTCG on this? As per all the articles that I have read on the internet, an under-construction property with requisite flat details and with an allotment letter issued more than 3 years back, it should be considered for tax exemption under LTCG.
Kindly confirm if there is any tax liability on me given the situation above.
Thanks in advance,
Ranjan
