Ltcg on sale of a flat
Deepak Walia (Not Applicable) (133 Points)
24 November 2016Deepak Walia (Not Applicable) (133 Points)
24 November 2016
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 24 November 2016
House property is said to be a long-term capital asset if it is held for >36 months. Since you say the possession was taken in May 2015, you need to wait at least for 3 yrs since the date of possession (or registration) in order to avail exemption u/s 54.
Deepak Walia
(Not Applicable)
(133 Points)
Replied 24 November 2016
Thanks. Can I avail tax benefit u/s 54F since under construction property was booked in Aug 2013 but possession was taken in May 2015! I am ready to invst full sale consideraion with buying of another residential flat in a year or so.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 24 November 2016
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