Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Income tax

Hari Kishana (Others) (50 Points)

15 July 2016

I want to book flat after selling of my house but I am not certain that possession can be given in 2 years time after selling of house. what is the actual position on this tax law

Reply
Follow
Share

3 Replies

CA Saurabh Singh (Practising Chartered ) (974 Points)
Replied 15 July 2016

Hello,

In order to claim deduction under capital gain property transfer shall be considerd as per Transfer of property ACt and not actual possesion, whic states that right in property is acquired its considerd transfer, and right can be acquired if you make payment for the property

Upgrade to CAclubindia Pro. Subscribe Now!

Hari Kishana (Others) (50 Points)
Replied 15 July 2016

if I am not wrong in understanding, the exemption on LTCG can be availed even if the builder give the possession of the flat after 3 years of booking if I pay full amount of the flat.