Long term capital gains

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  1. raghav_blr

    raghav_blr New Member

    Hi,

    I purchased a house in 2004 for a sum of 15 laks. Now I plan to sell it for 70 laks.
    After the inflation calculation, looks like I need to pay a tax for long term capital gains of around 35 laks.

    Also I had entered into an agreement for purchase of an apartment for around 40 laks in 2011. The registration of that is planned by end of this year. I am yet to pay the builder around 10 laks which will be around the time of registration. I have dispersed the rest 30 laks in the period 2011-2013.

    My query is: Assuming I sell the house in another 1-2 months, can I use the registration (possession date) of the apartment (which I plan to get registered in my name by end of 2016) to avail the entire capital gains so that I need not pay any tax on the capital gains I incurred on selling the house?

    Thanks
    Raghav
     
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