Dear Sir/Madam, recently i sold one of my house in parel for 60 lacs, i calculated the LTCG TAX and it was aroung 38 lacs to be precise, now as per the rule i need to buy the resisdence of the said LTCG amount or else i have to pay 20% as the tax for the same within 2 years. I am planing to buy a chawl room in chembur worth rs 40 lacs but it is not the ownership property. theres only 20 thousand transfer receipt to be provided by the landlord. But people around there BUY/SELL the property. NOW i want to buy that property and i have got an a advice from a friend to buy the Tenancy agreement rights from the seller, so my query here, is the LTCG tax exempted in such a case?? please help....let me know if you want to know more details...thanks
