Capital gain exemption on Property sale

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4 Points Posted on 04 January 2021

I am currently living in a self owned flat. I also booked new under construction flat in 2016 for which I am going to get possession in 2022. My plan is to sell existing property in 2022 and move to new property.

Query1 - Can I claim capital gain exemption under section 54 on my old Property sale as I am selling old flat and taking possession/registering new flat in same year (although I have booked it in 2016)?

Query2 - Can I claim pre construction interest rebate on new flat?
 

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On 04 January 2021 at 22:26 Report
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Quick Summary
This discussion explores claiming capital gains tax exemption under Section 54 when selling your current home and moving into a newly purchased property. It clarifies whether booking a new flat in 2016 and taking possession in 2022 qualifies for exemption, and discusses the relevant dates for capital gains calculation (booking vs. registry). The query also touches upon claiming pre-construction interest rebates on the new property.

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80 Points Posted on 04 January 2021
When are you doing registry of the flat
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On 04 January 2021 at 23:25
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524 Points Posted on 05 January 2021
You can claim interest paid in pre construction period once such flat is ready and construction certificate obtained and also you have registered it which revenue authority in your name
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On 05 January 2021 at 07:46
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4 Points Posted on 05 January 2021

i plan to register new flat in 2022 but by booking date is 2016.

So which date would be considered for capital gain arising when I sell my old flat? Booking /allotment date or registry date?

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On 05 January 2021 at 09:14
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17269 Points Posted on 08 January 2021
Any payment within 1 year before sale of old property or within three years from sale of old property as new one is constructed house, will qualify for benefit under section 54
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On 08 January 2021 at 17:43

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