Flat sold, but total amount not paid within 6 monts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 December 2014
I have sold my old flat for Rs.50.00 Lacks, and I have booked new flat for Rs.70.00 Lacks.
I have paid only booking amount till date, and I will pay balance amount as per work complete,
it is necessary to pay Rs.50.00 lacks during six months to builder? if I pay balance amount after six months, then I need to pay I. Tax ?
Ninad Chalke
I have paid only booking amount till date, and I will pay balance amount as per work complete,
it is necessary to pay Rs.50.00 lacks during six months to builder? if I pay balance amount after six months, then I need to pay I. Tax ?
Ninad Chalke
02 December 2014
u hve time of 2 years from date of sale of old flat to buy a new flat for getting the exemtpion from capital gain taxes.
CA Kumar Mukesh
(Expert)
03 December 2014
Dear Mr. Sampat correct yourself under section 54 assessee can buy new house property within a period one year before or "TWO YEAR AFTER" or three years for construction from the date transfer of residential house property.
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