Sale of Property dated: 06-29-2024
Purchase of Under Construction Property dated: 03-28-2024 (price 1.7 cr)
Long-term capital gain- 37 lacs
Written date of Possession on the agreement for the new property: 12-31-2027
Capital gains condition says need to hold for at least 3 years else tax benefit will be reversed.
Another condition says possession needs to be within 3 years from the purchase date.
My question:
1. Will I get a tax benefit if possession is after 3 years from the purchase date?
2. I satisfy the condition of holding the property for 3 years from the purchase date on 3-29-2027, can I sell after this date and still claim tax benefit?
CAclubindia
