Hi, I bought an apartment in Bangalore at a pre- launch back in 2006. I got the bank to disburse the full amount on day 1 and started paying emi. I received the possession only in 2014. I have not registered the house yet.
1) now if I sell the property, will it result in a STCG OR LTCG.? Considering the entire amt was paid back in 2006.
2) can I still avail the interest loss in next 5 yrs, if I sell it?
Since you got the possession of the property in 2014 itself, if you sell the property now or within 3 years, it will be STCG. Interest paid can be claimed as deduction in cost of acquisition while computing CG..
PARV & Co.
New Delhi
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K R Kiran Kumar & Associates
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