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TMI BlogLong Term Capital GainsX X X X Extracts X X X X X X X X Extracts X X X X ..... Long Term Capital Gains X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 Crore on selling property A now. I booked an under-construction property B on April 2012. Agreement value is just above 1Crore. Construction started on June 2012. Registration was done on June 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Construction is almost over now. I'm yet to get the keys and possession letter. I have made 90% payment. As per my understanding, according to Section 54, to claim exemption from Long Term Capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gain Tax, * A new residential property must be purchased either 1 year before the sale or within 2 years after the sale of the property/asset. * Or the new residential house property must be cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tructed within 3 years of sale of the property/asset Can I claim exemption from sale of property A, if I sell it now and get possession of property B in the next two months? Please advise. Regards, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ramesh Reply By MARIAPPAN GOVINDARAJAN: The Reply: Whether my presumption is correct? You are in possession of property A which is going to be sold by you. You want to claim exemptions from capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l gains tax by getting the possession of property which has been booked prior to the sales of A? X X X X Extracts X X X X X X X X Extracts X X X X
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