22 April 2012
hi, i am an ipcc student. i wanted to ask a personal i-tax query as i still don't have much tax knowledge. my father owns a house in one city from about 30 years. we want to shift to another city by buying a flat and selling the present house. to gain deduction under capital gains , the existing house has to be sold within 1 year of purchase of the flat.. my query is which date is considered as the date of purchase of the flat?? the date on which the down payment is paid and the agreement is signed or the date of registration..?? we want more time to sell the present house.. plz advise the best possible way to save tax...
14 May 2012
Date of purchase is the date on which possession is handed over, normally the date of registration.