Sir,
I had sold an ancestral property in April 2009 for Rs. 53 lacs.
I bought a new property from Sale proceeds for Rs. 62 Lacs (under construction residential flat) in September 2009.
The series of activity datewise is as follows:
14th April 2009 - Sold ancestral property
19th September 2009 - Entered into agreement for new property and paid 1 lac as token.
22nd September 2009 - Paid an installment of 36 lacs
23rd September 2009 - Paid another installment of 6 lacs
16th November 2009 - Paid the requisite Stamp duty of Rs. 3 lacs
30th June 2010 - Paid installment of Rs. 7 lacs (this completed the payment of 53 lacs that I had got from previous sale proceeds)
23rd May 2011 - Paid final installment of Rs. 12 lacs to the builder.
26th May 2011 - Got the possession letter
Now, I wish to sell off this property and book another residential property, and of course do not wish to end up paying any Capital gain tax.
I understand to consider this as LTCG, I should have invested in property for a period of minimum 36 months.
My query is, when does the 36 months period begin - date of registration of new property, date of final payment of sale proceeds from old property, date of possession of new property, or any other date?
I would appreciate your expert advise on the above.
Thinking you in anticipation.
Regards,
Mudit
CAclubindia
