Flat sold, but total amount not paid within 6 monts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 December 2014
I have sold my old flat for Rs.50.00 Lacks, and I have booked new flat for Rs.70.00 Lacks.
I have paid only booking amount till date, and I will pay balance amount as per work complete,
it is necessary to pay Rs.50.00 lacks during six months to builder? if I pay balance amount after six months, then I need to pay I. Tax ?
Ninad Chalke
I have paid only booking amount till date, and I will pay balance amount as per work complete,
it is necessary to pay Rs.50.00 lacks during six months to builder? if I pay balance amount after six months, then I need to pay I. Tax ?
Ninad Chalke
02 December 2014
u hve time of 2 years from date of sale of old flat to buy a new flat for getting the exemtpion from capital gain taxes.
03 December 2014
Dear Mr. Sampat correct yourself under section 54 assessee can buy new house property within a period one year before or "TWO YEAR AFTER" or three years for construction from the date transfer of residential house property.
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