Capital gain tax on property

all

 i sold a land in gurgaon which was bought 20 years back in sept 2011. can i adjust capital gain from this against a flat which i started paying for instalments in 2008. Now in july 2012 i am getting posession of this new flat

 

adding .. few more details

New apartment i have bought was under construction so i have been paying instalments under the construction linked plan since 2008. this month only construction is finishing and i will be paying the final amount and getting posession.

what is the criterion for date of purchase of a flat for purpose of section 54

- day you sign agreement and start paying installment or day you get posession or date of registry. almost no new project gets finished in 3 year here in gurgaon ...

 

thanks

yes u can do that as per sec54 of income tax act 1961...

Agree with pawan. Since you have bought new house within 1 year, you can take benefit.

No you cannot as you have bought the new house before selling the old one..

agree with mahavir

Exemption is only valid u/s 54 if

• purchase a residential house within year before the date of transfer of old house or within two year after the date of transfer of old house.or
• construct a house with in three year from date of transfer of old house property.

 

So in this case exemption is not allowed

but what is the date of sale deed of new one

its all depend upon sale deed in this circumstance...

Agree with Raman sir, 

I think flat is bought and not constructed and since the flat was bought before 1yr so u cant take benefit of sec. 54. It is irrelevant that you take possession of house in 2012 after sale.

thanks for reply .. few more details

New apartment i have bought was under construction so i have been paying instalments under the construction linked plan since 2008. this month only construction is finishing and i will be paying the final amount and getting posession.

what is the criterion for date of  purchase of a flat  for purpose of section 54

- day you sign agreement and start paying installment  or day you get posession or date of registry.   almost no new project gets finished in 3 year here in gurgaon ...

the assessee will be entitled to exemption under sec 54 if the substantial domain and control over the NEW property had passed within the period of two years from the date of sale of house though possession was given later...