Sale of house- taxation

Tax queries 286 views 13 replies

Ashwini

ARTICLE ASSISTANT

200 Points Joined September 2014

I have entered into agreement for purchase of flat on24.02.2020 and amounts are paid through bank loan.Flat is not registered in my name.

Occupancy / possession taken on 08.06.2022 .

I have sold the flat on Sept 2023.

Buyer has deducted TDS in my name eventhogh flat has not been registered in my name

I have capital gains of Rs.20 L on this transaction

I have entered into other agreement for purchase of flat on Oct 2023 and paid entire cost of flat.

Can it be treated as long term capital gain and can I claim exemption under section 54 / 54F

Replies (13)

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

As the agreement not entered the transaction can't be considered as sale and capital gain need to be declared in the year of agreement.

Ashwini

ARTICLE ASSISTANT

200 Points Joined September 2014

@ ca Rashmi gandhi- can I claim exemption under section 54 / 54 F.If so please send the circular for this case.Thanks in afvance.

Is it short term or long term capital gain?

sabyasachi mukherjee

28012 Points Joined May 2017

Capital gain arises on transfer of capital asset.

Ashwini

ARTICLE ASSISTANT

200 Points Joined September 2014

@ sabyasachi mukherjee- will it be long term gain or short term Capital gain? Could u please explain in my case

Ashwin Kumar

CA ipcc

449 Points Joined October 2017

Holding period for immovable properties to be considered as long term is 24 months...so this is a short term capital gain

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

Mam it is required more clarification to clarify your case. You can contact me, DM me for contact details.

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

I can't understand here...

Flat not registered in the querist name. She also told the same two times in the query.
Then How it's possible @ Ashwin Kumar and Rashmi Gandhi...???

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

I replied the same that agreement not entered, hence transaction can't be considered as sale.

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Originally posted by : CA Rashmi Gandhi
	I replied the same that agreement not entered, hence transaction can't be considered as sale.

The flat bought 2020

Sold 2023...

then what...?

Pls

sabyasachi mukherjee

28012 Points Joined May 2017

Sale of house long term or short term

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

@ sabyasachi mukherjee, Stop creating nonsense on CCI .

What are the Different Types of House Property?

A house property is an immovable property that you own. It can either be a residential or non-residential one. A residential house property is one that you occupy as your place of residence, while a non-residential one is used for commercial purposes such as carrying on business or a profession such as renting out shops or offices.

Type of House Property

You can own either a 'residential' house property or a 'non-residential' one. Residential property is a house you live in, whereas non-residential property is a house that you use for business purposes, such as running your own shop or office space. It's also known as commercial property because it's used for making money through rental income or sale prices of your home (or both).