LTCG benifit on sale of house property

I have purchased a New House on Aug 2022, And i am planning to sell my existing co owner house after purchasing a new house… how will I get LTCG exception

Old house is co-owner with father and new house is purchased as co-owner with wife.

Please suggest how can i get most of tax benifit

Hello @Nishit0612,

Under section 54 of the Income Tax Act, if the assessee has earned Long term capital gain on the transfer of residential property and a new residential house is purchased within 1 year before or 2 years after the date of transfer then exemption can be claimed.

LTCG and its exemption both will be calculated proportionately as per assessee’s share in ownership.

To read more about it you can refer to this article: Capital Gain Exemption under the Income Tax Act - Learn by Quicko.

Hope this helps!

which date should i take as the base for the period calculation if the transaction happened 5 installments .
?

the 1st installment date or the last installment date or the date on which the maxim transaction took place or the date on which the lowest amount transaction took place ?

Hello @HIREiN,

The date of sale agreement will be considered as date of transfer of capital asset.

the date which is written on the paper or the date on which it is signed or the date on which it is registered in the registrar office ?