Dear Sir,
Our ancestral house, of which my share is 10%, is to be sold in a month's time. I am likely to get around Rs. 50 lakhs as my share. I booked an under-construction flat,costing Rs. 30 lakhs, in Jan 2014 and have paid 90% of cost so far in instalments. The flat is likely to get ready and be handed over in the next few months.I want to know if I can avail exemption of tax on LTCG to the extent of cost of the flat.Indexation benifit on acquisition cost may not amount to any significant sum as the house is of 1950's vintage.
Malathi
