The time limit for purchase of another residential house should be within one year before or 2years after, or construction should be within three years after the date of transfer.
In case the property is purchased 1 year before on installments, can you clarify if this 1 year will count from the date of 1st installment paid or date of possession.
I have purchased a property in 2013 by paying 1st installment in July 2013 and was given possession on 1st Dec 2013. Now, I plan to sell off another property within the next 1 or 2 months to offset my Capitals gains against the property I had already bought in 2013. Am I good to excape the Capital Gains drag net?
CAclubindia
