Capital gain

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SAMIR SHAH (Querist)
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05 December 2015 i am already having a residential house.
i have already gone for purchase of new house in construction where the agreement is registered 2 years back and i am paying the instalments of the cost slab wise. i will be getting the possession of this house in around 1/2 years.

now the issue is i am selling a industrial gala which i had taken for investment and i am having a cap. gain of around 30 lacs after indexation. can i claim a benefit u/s 54F for instalment of new flat paid slab wise. every year i am paying around 50 lacs.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 December 2015 it depends on whether you have got an allotment letter from the builder or not. If the allotment letter has not been issued, then there should not be any problem in claiming 54F in this case.

SAMIR SHAH

SAMIR SHAH (Querist)
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07 December 2015 IN FACT 3 YEARS BACK THE STAMP DUTY AND REGISTRATION OF THE NEW FLAT IS ALREADY DONE AND I AM PAYING THE INSTALMENT SLAB WISE. THIS INSTALMENTS PAID CAN IT BE CONSIDERED AGAINST MY CAPITAL GAIN AND CLAIM EXEMPTION/ DECUDTION

SAMIR SHAH

SAMIR SHAH (Querist)
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Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 December 2015 i dont think so. if everything is done, then you are just paying the instalments. The house was bough three years back itself for income-tax purposes.

SAMIR SHAH

SAMIR SHAH (Querist)
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07 December 2015 POSSESSION NOT RECEIVED WILL BE RECEIVED STILL AFTER 1/2 YEARS. I AM NOT PAYING THE LOAN INSTALMENTS. I AM PAYING THE BUILDERS INSTALMENTS WHICH IS TO BE PAID SLAB WISE AND THIS PROPERTY WAS PLANNED TO BE PURCHASED AGAINST THE SALE OF THIS INDUSTRIAL GALA BUT THAT DID NOT WORK OUT.

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