Tax liability on sale of residential flat

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  1. Rameshwar Bari

    Rameshwar Bari New Member

    Hi, I have purchased residential flat ( Under construction property) in Pune in 2011 . Registration was done on 07/01/2011 ( Index-II date), 20% amount was paid to builder. Being the under construction property , I have made final payment by 30.10.2013 & I have got possession from builder on 01/11/2013.

    Now I want to sale this flat & planning to purchase new flat within 1-2 months. Whether the profit from sale of property shall be consider as Long term capital gain or short term capital gain. Which date will be consider for completing 3 years.
  2. king999maker

    king999maker Active Member

    ur date of allotment is considered as purchase date, it is a long term capital gain
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    Your date of allotment would be considered as the date of acquisition and therefore it will be considered as Long Term Capital Gain.
  4. Agree with gaurav sir and king999 maker.
    And as you are planning to purchase a new flat , u will get exemption u/s 54.
  5. Rameshwar Bari

    Rameshwar Bari New Member

    Thanks for

    Thank you Sir, Whether in my case date of allotment shall be consider as date of Registration as 07 Jan 2011. Please correct me if I am wrong.
  6. Manoj Mehra

    Manoj Mehra Active Member

    7th Jan 2011 would be considered as the date of registration.
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