Capital gains sec 54

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M.Sriram Shenoy (Querist)
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14 December 2014 I am selling my old house and planning to re-invest the proceeds in a flat under construction by a builder.

The construction of the new flat will get over in Dec 2015 and until then I will stay in my old house. I have sold my old house, but under an agreement that I will stay in this old house till the new flat construction is over. I have taken only an instalment for the sale of my existing house. However, the sale deed preparation and registration of the old house will take place only at the time when the new flat is ready.

Please quote judicial decisions?

For exemption for the purpose of sec 54, what is the date of purchase of new flat? Is it date of allotment by the builder or date of registration of the new flat by the builder in my name?

Amol S Joglekar

Amol S Joglekar (Expert)
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15 December 2014 The date of possession along with the allotment letter would qualify for the purpose of fixing the DATE of purchase of new house.

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