Capital gain exemption

Discussion in 'Tax planning' started by saniya, Mar 13, 2014.

  1. saniya

    saniya Member

    I booked a residential apartment during pre-launch in a Gurgaon in May 2008. I paid 95% until April 2012 but still waiting for the poseession. Finally I sold the apartment to an individual in December 2012 (received part payments during September, October, November and final payment in December) and made a capital again around INR 17 lacs (without indexation). It is to be noted that buyer did not deduct any TDS. My first quesiton is : Does it consider to be LTCG being over 3 years of booking? If so will the indexation apply? I have booked another apartment in Greater Noida in September and paid around INR 5.05 lacs and INR 17.14 lacs in December 2012. My second question is : How to show this in ITR? Do I need to apply for tax exemption to my ITO under section 54? My understanding was not to show anywhere if it is a LTGC as I have invested in CG within 6 months in another project before the end of Assessment year. Please guide me. I do file my own tax returns and I am an NRI.

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