Ltcg gain

This query is : Resolved

Ganesh Dutt (Querist)
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17 June 2013 Dear Sir/Madam,

I have some doubts regarding capital gain, you are requested to resolve the same :-

1. If one can sell a residential flat below than circle rate then what is to be considered as sales consideration.

2. Whether intrest paid on housing loan after possession of flat are included for the purpose of indexation.

3. If amount paid for purchase of flat before the date of possession/registration, then shall we considered the payment date as purchase date of flat.

4. Shall we invest the amount of capital gain for purchase of land in unauthorised area where registry of plots are not allowed and sale are done through GPA/Will/Agreement to sell.

Thanks

CA Kapil Verma

CA Kapil Verma (Expert)
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17 June 2013 1. Circle rate will be sales consideration.

2. No , as you already tax deduction u/s 24 for the interest.

3. No, purchase date is the day you get registered property in your name.

4. Expert views are invited.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 June 2013 By investing the capital gain merely in ordinary land does not provide any exemption out of capital gains.
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However, if construction of residential house is done on such land, in my opinion, exemption U/s 54F or U/s 54 can be claimed.
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