SALE OF HOUSE - Capital gains
This query is : Resolved
21 February 2024
I have entered into agreement for purchase of flat on24.02.2020 and amounts are paid through bank loan.Flat is not registered in my name.
Occupancy / possession taken on 08.06.2022 .
I have sold the flat on Sept 2023.The sale deed shows my name under "Consenting witness"and not as VENDOR.
Buyer has deducted TDS in my name even though flat has not been registered in my name
I have capital gains of Rs.20 L on this transaction
I have entered into other agreement for purchase of flat on Oct 2023 and paid entire cost of flat.
Can it be treated as long term capital gain and can I claim exemption under section 54 / 54F
Occupancy / possession taken on 08.06.2022 .
I have sold the flat on Sept 2023.The sale deed shows my name under "Consenting witness"and not as VENDOR.
Buyer has deducted TDS in my name even though flat has not been registered in my name
I have capital gains of Rs.20 L on this transaction
I have entered into other agreement for purchase of flat on Oct 2023 and paid entire cost of flat.
Can it be treated as long term capital gain and can I claim exemption under section 54 / 54F
22 February 2024
Yes, it can be treated as long term capital gains. Section 54 exemption can be claimed.
23 February 2024
Thank you for the reply.Is there any notification or circular for the above case.
I have not registered the flat; but received email from seller on 8 June 2022 to take possession.
Can I still claim exemption?
I have not registered the flat; but received email from seller on 8 June 2022 to take possession.
Can I still claim exemption?
23 February 2024
Yes, you can claim exemption.
Have some written documentary evidence for sale and handing over of possession which includes sale value.
Have some written documentary evidence for sale and handing over of possession which includes sale value.
23 February 2024
Thank you.I have agreement of sale and an email to take possession.
23 February 2024
Okay that will do....
24 February 2024
You are welcome...
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27 February 2024
@ca r seetharaman - sir,there is a small change in my query: The flat which I sold in September 2023 has sale deed which shows that land owners are vendors.
It shows my name under" Consenting witness".
Will it be capital gains or income from other sources.
It shows my name under" Consenting witness".
Will it be capital gains or income from other sources.
27 February 2024
It will be capital gains as you have purchase agreement and paid the money for purchase.
27 February 2024
You are welcome...
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