Seling of property- long term capital gain

Tax queries 474 views 2 replies
User Avatar

MBA
37 Points Joined February 2013

Dear Members,

 

I am planning to sell my flat.In august, I will finish 3 years of purchase of that property.

I want to avail long term capital gain on that property.

I have a buyer, who is ready to purchase the property.We agreed to start the registration process of that property in september.

My question is : Can I atleast initiate the selling process now? 

Signing of sales agreement(Taking 10% advance from buyer).Buyer is planning to take the loan from SBI bank, using that Sales agreement.

Experts, please suggest.

 

Thanks in anticipation,

0 Reply Share Follow
On 03 July 2014 at 17:32 Report
Replies (2)
User Avatar

Chartered Accountant
6971 Points Joined September 2007
See irrespective of the agreement, sale will happen only when u give possession of the property to the buyer... Hence if you can ensure that possession of property happens after 3 years then long term capital gain can be obtained
Reply
On 03 July 2014 at 19:18
User Avatar

Student as well as Self-employed
3710 Points Joined September 2007
trf will take place when there is signing of agreement. so to avoid any complications, try postponing activities till august.
Reply
On 03 July 2014 at 19:24

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading