Buying and selling house

ChandanLawyersclub (Querist) 10 February 2015 This query is : Resolved
Dear Experts,

I have bought a house in 2006, selling it now Long term capital gain is 60L

I booked a apartment in Oct 2012,cost 110L which builder has promised to give by Oct 2016. I have paid 50L till date. balance 60L to be paid as per construction linked plan. Can I invest 60L capital gain here.

Bit doubt on section 54. It says you can buy before one year, or 2 year after sale of existing, or within 3 years you need to construct.

Since I booked in Oct 2012, but construction will finish in Oct 2016 only. can I take adjust LTCG of current house
regards
Chandra

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Devajyoti Barman (Expert) 11 February 2015
consult a income tax professional.

Dr J C Vashista (Expert) 11 February 2015
Your CA or tax advocate will advise you properly.

malipeddi jaggarao (Expert) 11 February 2015
Read it as "within 2 years after the sale of existing property". Absolutely there is no problem.

Rajendra K Goyal (Expert) 11 February 2015
Consult your tax consultant.

ajay sethi (Expert) 11 February 2015
you can raise query in CAclubindia.com

ChandanLawyersclub (Querist) 12 February 2015
Thx I will check with Tax consultant or CAclub

Guest (Expert) 12 February 2015
Your face to face consultation with some tax consultant would be much better to avoid any confusion or tax liability on your part.

T. Kalaiselvan, Advocate (Expert) 13 February 2015
Agreed, I go with the experts views on the subject query.

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