CG on residential property

Had a small query..

I purchased under construction flat in 2018 and 70% payment was made by self funding+loan. Now final demand for rest 30% has come which I want to pay by selling an existing flat were I stay.

1. Can I take benefit of section 54 for 30% demand?

2. Which date would be considered for exemption - allotment, possession or Registry date?

Replies (3)
Quick Summary
This discussion clarifies Capital Gains (CG) tax implications for a buyer of an under-construction flat. The user inquired if they could claim Section 54 benefits on the final 30% payment made by selling their current residence. The advice given suggests that the exemption date is typically the earlier of the registry or possession date, and the allotment date may not be advantageous in this specific scenario.

  1. Yes,
  2.  Registry date or possession date, whichever is earlier.

what about allotment date?

That will not be beneficial in your case.

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