Planning to sell 2 properties , plot(owned by my wife) and flat(Jt ownership) to purchase a new flat which is under construction.
Both these properties will be sold at different timelines. Say plot will be sold in next 2 months and flat will be sold after 2 years from now.
Build has told us that he will give us possession in 3 years as per agreement which he will be doing.
Can I take benefit of capital gain exemption for both the properties which I am selling at different timelines?
By selling 2 properties if I get surplus amount can I invest them partially in NHAI bonds as specified? Is it applicable for plot and flat both?
By when I can say the transaction of purchase of new property is valid for tax exemption or complete when I sell old property.? As many builders do not do sale deed.
Any help or guideline on these queries would be highly useful.
CAclubindia
