Need advice on a property transaction that I did recently:
I sold off in April,2014 my un-construction flat that I had bought in June,2010. Purchase of this flat was funded by Home Loan on a Construction Linked plan and I also paid service tax to builder as flat was under-construction. As the loan was only partially disbursed, the Bank did an internal transfer of loan in their books to new buyer and balance including my initial investment and profit was paid to me. My questions: --Would any sort of capital gains apply on above transaction? As it was un-construction house, I have not claimed any rebate under IT and only paid Pre-EMI interest on Bank Loan --Can I utilize portion of amount that I have received including my initial investment to pay off portion of my other home loan(property purchased in Sep,2012)? ---Make an initial payment towards purchase of new house(uptil what period)? |
Selling of under construction flat
alokedeep (Product Head) (29 Points)
05 May 2014