We (Father, Me & my wife) bought an under construction property (flat) in Mumbai Suburb, registered it in Sep 2021 and possession in Oct 2022. Now we are planning to sell the flat for buying a new house. Could you let me know 1) If registration date or possession date is considered while computation of tax?
2) Will I be able to do the following - Considering, if I qualify for LTCG by coming October 2023 (based on registration date), after which I park full proceeding (along with capital gain) towards new property purchase
3) Any tax implication on 3 of us from above proceedings - Father (major contributor 75%), we both( joint home loan 25%)
Thank in Advance!
CAclubindia
