LTCG property

nitin (partner) (65 Points)

22 July 2022  

Hello everyone

I sold a flat in March 2022 with capital gains of 75 Lakhs. To avail tax exemption this amount I paid as advance for an under construction flat which will be ready by December 2024 and got receipt from the builder. I was holding only one flat which I sold. Sale agreement will be done at the time of possession. I needed to know for I.T purpose the builder receipt will be sufficient as agreement will be made not before December 2024. 

Thank you.