capital gains

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  1. samchitnis75

    samchitnis75 New Member

    I have recently sold my flat the capital gains for which is 26 lacs

    I had paid an advance of 12.5 lacs in march 2013 for a flat that I have bought for investment purpose.

    The agreement for this flat was not done as the work was initiated ( has been initiated now just 2 months back). Will be making an agreement for this flat in April 2015.

    The balance payment will be paid over a time of 2 and half years (slabwise payment).

    I have two questions
    1. Can this flat be considered for capitals gains reinvestment
    2. Can the 12.5 lac advance I had made 2 years back can be considered for saving my tax.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. The date of purchase would be considered as the date of making the agreement.
    2. The law does not talk about payment. The law only talks about purchase of property. The mentioned by you in the agreement would be considered as the purchase value irrespective of the date of payment.
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