Mr. A has sold property residential house on 13/01/2023 at Rs. 4950000 which was purchased on 08/01/2008 at Rs. 150000, New agreement was entered with a builder on 20/10/2021 regarding Construction of new Flat amounting to Rs. 7332492, the new construction is under subvention scheme where bank is making the payment and i have to repay the bank by Sept 2023 Rs. 3000000, Builder will Complete the Construction and Handover the possession by 30 june 2026, Can i claim the Deduction under income tax act against capital gain incurred on sale of old house property
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177810 Points)
Replied 21 July 2023
As per sec. 54 IT act, You should get the possession of the new flat by THREE years from the date of sale of original flat. In your case the condition is not getting fulfilled.
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