LTCG :: Under Construction builder flat
August 9, 2011 6:54 am
I have sold my flat & profit from it will be LTCG . I booked two Under Construction Flats ( by paying 10% amount ) 15 months before sale of my old flat . I hv paid another 40% in 12 months prior to sale of my old flat & will be paying another 30% before filing income tax return on 31st July 2012 . Now My question is will 40+30 % = 70% will be taken as reinvestment from LTCG . I donot want to open LTCG A/c & wish to pay Tax on left over money ( Preceed from sale of old flat – ( 70% amount paid to builder } X 2 flats.
Need expert advise if my above decision is correct