Hello all, I am new to the forum and have one query.
I purchased one house on 18-June-2014 but got the possession on 3-Aug-2014. Now I sold one of my other land on 1-Jul-2015. Can I adjust the capital gain from land sale with the house purchased last year as the rule says; I can adjust if the property is purchased within 1 year of the land sale? But here the property was purchased 1 year 12 days before the land sale but I got the possession on 3rd Aug 2014 which is within 1 year of my land sale. I also have the possession certificate from builder to prove the possession date. The house was purchased on loan and I am planning to pay off some of the loan with the amount I got from my land sale.
Please suggest if the capital gain from land sale can be adjusted with the house purchased.
CAclubindia
