I have invested my whole LTCG amount to purchase an under construction property . My questions are as below .
1. which date will be considered as a date of purchase means date of allotment or date of possession .
2. after how may years I can sell this property , 03 years from date of allotment of property or 03 years of possession of property to save my invested LTCG only .
3. As per the revised law , holding period is reduced to 02 years from 03 years . Does It will be applicable in my case or not .
4. Can I sign a buyer seller agreement and take any advance payment against my said property since I am in urgent need of funds and finally transfer my rights to buyer on completion of 03 years Personal Income Tax
1. which date will be considered as a date of purchase means date of allotment or date of possession .
2. after how may years I can sell this property , 03 years from date of allotment of property or 03 years of possession of property to save my invested LTCG only .
3. As per the revised law , holding period is reduced to 02 years from 03 years . Does It will be applicable in my case or not .
4. Can I sign a buyer seller agreement and take any advance payment against my said property since I am in urgent need of funds and finally transfer my rights to buyer on completion of 03 years Personal Income Tax
I am assuming that you are eligible to invest in a new property and claim LTCG exemption. It is subject to fulfillment of prescribed conditions and investing /constructing a a new property is only... Read More
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