Property Purchased by Grandmother: 1984 (Decased in 2007)
Property Transferred to my name: 2019 - Name Added on Society Share Certificate, No issues on Title.
Type: 1 BHK in a Co-operative Housing Society in Sion, Mumbai of around 570 carpet.
Current Situation: Society has gone for Re-development from October'20. Possession Due in Mar'22. Will now get a 3BHK Flat of around 900 Carpet.
Query: After the possession in 2022, if I want to sell this property and immediately buy another flat, do I need to still pay LTCG? If yes, is there any work around to avoid this tax? Point to note is that this was a 30+ year society before Redevelopment and in the past 10-15 years, I paid a lot for its repair and maintainence.
Kindly advise on the options available for me if I want to sell this flat post the possession. I am also willing to invest in Government Bonds if needed. Would that help?
Target selling price should be around 1.75 Cr in 2022.