I received a sum of 4 cr for sale of equity of an unlisted company where I was a shareholder and had the shares for 7 years. The trasfer of the asset (shares) happened on Aug 01, 2013. I'm looking to buy my first house with the proceeds essentially looking for underconstruction houses/villas which will get completed over the next couple of years. Here are my questions:
1. Should I look for houses that will offer possession before Aug 01, 2015 or should it be August 01, 2016.(Sec 54F allows 2 years for RTM and 3 years for underconstruction houses)
2. What do I need before the due date: allotment of the house, registration or final possession
3. The builder is offering a payment plan where I have to pay 25% at booking, 25% in 6 months and rest 50% on possession which is in Dec 2015 if I book in Dec 2013. Does this mean that I will need to deposit the unutilized 50% (2cr) in CGAS in July 2014 (before filing this years returns)?
Thanking the experts in anticipation for your inputs!
CAclubindia
