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Rebate on capital gains on property sale sec 54

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Shyam Chandre

4 Points Posted on 05 January 2021

Hello experts. I am currently living in my own flat. I also booked new under construction flat in 2015 for which I am going to get possession in 2022. I plan to sell existing property in 2022 and move to new property.

Query - 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 2015)?

Query- Which date is considered for capital gain exemption under section 54 allotment date or registry date? There is lot of confusion on this.

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Quick Summary

This discussion explores claiming capital gains tax exemption under Section 54 when selling a primary residence and moving into a newly acquired property. Key questions revolve around whether selling an existing flat and taking possession of a new one in the same year qualifies for the exemption, even if the new property was booked earlier. The thread also seeks clarification on whether the allotment date or registry date is considered for capital gains exemption and the specific rules regarding investment timelines and construction completion for Section 54 benefits.