Capital Gain TAX benefit

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  1. G V RamaKrishna

    G V RamaKrishna New Member

    I am going for a property in Bangalore ( 2.3 CR) . Partly funding and rest thru bank loan ( 1.3CR). I have a property in NODIA, I plan to sell by March 2015.
    Point 1:
    Can I claim 100 % exemption on the amount ( expected to get 1.3CR) as my new purchase is around 2.3 CR .
    Point 2 ;
    Can I now go and do the sale agreement on the under construction property .
    Point 3
    Can I currently fund thru bank and later on off set the loan amount by paying back to the bank and still eligible for TAX exemptions.
    Point 4 ;
    Do I need to maintain separate accounts
    Pls advise urgently.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    If the new property is purchased max 1 year before or 2 years after the sale of the old property - then you can claim exemption under Section 54
     
  3. rrvvvr

    rrvvvr New Member

    I want to sell my plot at Chennai, but the buyer, who deals in real estate, is reluctant to get it registered due to cost of stamp duty and registration charges. Instead he is asking me to execute a POA in his favor but says he will pay the full amount and make final settlment. Is this deal valid as a sale? I want to sell this land and buy an apartment. Will I be exempted from Capital Gain Tax when I buy another house? Or will I have to pay capital gain tax when my buyer executes a sale later, using the POA? Pls clarify.
     
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