Capital Gains Accounts Related Question

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  1. rahul0802

    rahul0802 New Member

    I sold a property and put the amount in Capital gains Account.
    Now, if i am going to invest the amount in a new property
    1. Then what is the time period in which the house should be constructed ?
    2. If the builder , is not able to hand over the possession in the specified time frame, then what happens?
     
  2. Neha Sharma

    Neha Sharma Active Member

    Dear Rahul

    Please clarify that are you buying a property or are you constructing a property.

    The time allowed is 3 years in case you are constructing a property.

    However, in case you are buying a property, time allowed is 2 years
     
  3. rahul0802

    rahul0802 New Member

    I am Buying a property. I will paying the amount to the builder in installments , If in case my house is not constructed by then, then will i get the benefit
     
  4. Neha Sharma

    Neha Sharma Active Member

    Dear Rahul

    In this case, you are not doing construction but are purchasing an under-construction building.

    If the Purchase Deed is registered before 2 years, you will get the exemption irrespective of the date of completion.
     
  5. rahul0802

    rahul0802 New Member

    This a new project from the builder. The construction will start in a month. SO it means it is a new construction. Please correct me , if i am wrong
     
  6. Neha Sharma

    Neha Sharma Active Member

    It does not matter if its a new construction or old construction.

    You can claim exemption for any residential property.
     
  7. rahul0802

    rahul0802 New Member

     
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