LTCG tax exemption + date of possession + home loan repayment
This query is : Resolved
Quick Summary
Dhirendra Trivedi
(Querist)
28 September 2024
Flat purchased from builder
Date of Registration - Mar-2023,
Expected RERA date of possession - Dec-2025
While date of registration is Mar-2023, property is still under construction
Current Home Loan (before possession) has been taken to pay the builder
I plan to sell a residential plot say that materializes in Jan-2025 or Feb-2025
I have 2 queries :-
1. Can date of possession be considered for exemption on LTCG tax (as property though registered is not under my possession) for LTCG tax exemption of residential plot.
2. Can home loan principal payment will be considered for exemption on LTCG tax
Please advise
Date of Registration - Mar-2023,
Expected RERA date of possession - Dec-2025
While date of registration is Mar-2023, property is still under construction
Current Home Loan (before possession) has been taken to pay the builder
I plan to sell a residential plot say that materializes in Jan-2025 or Feb-2025
I have 2 queries :-
1. Can date of possession be considered for exemption on LTCG tax (as property though registered is not under my possession) for LTCG tax exemption of residential plot.
2. Can home loan principal payment will be considered for exemption on LTCG tax
Please advise
Dhirajlal Rambhia
(Expert)
29 September 2024
1. Yes, if the amount is invested (paid to builder) after the date of sale of plot.
2. No.
2. No.
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Dhirajlal Rambhia
(Expert)
11 October 2024
Good luck ....
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