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Hi,
I sold a house yesterday for 60Lakhs , bought for 12Lakhs 10+ years back. Also, have made agreements with two builders to buy two flats , one in 2016 and the other in 2020. Both properties are under construction, as in not yet completed and no CC received yet. Final Registries are also due for the new flats and need to make payments to both builders , cumulatively exceeding the difference received.
1) How can the LTCG earned from the sale be utilised in this case ?
Please guide.
Regards
Hi Raju,
You cannot use the lifetime capital gains exemption toward the sale of real estate. The exemption is available to sellers of Qualified Small Business Corporation shares.