Capital gain tax exemption

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devpal (Querist)
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27 August 2014 Sir, I sold my house in May 2012. On August 10, 2014 (this year) I invested in an under construction flat. I have paid all the money through down payment (including basic sales price, maintenance security, club membership, service tax , vat and EDC, IDC ) The net amount payed by me is more than the long term capital gains arising from sale of my house. However, the sale agreement of the builder states that possessing will be given within 33 months. Three years time starting from the date I sold my house in May 2012 will expire in May 2015. The foundation of the tower in which I have invested were being laid at the time I invested in the flat. Also I have invested in the property after the expiry of 2 years time since I sold my house. Two years since I sold my house expired in May 2014, but I have invested in an under construction property (it is less likely that the new property will get constructed till May 2015). Will I get exemption from tax on capital gains arising from sale of my house.

Rupesh Jain

Rupesh Jain (Expert)
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29 August 2014 it consider as construction of house and your time will may 2015.

if you get possession after three year you cannot get the benefit of tax exemption.

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