Tax clarification on house property

Tax queries 268 views 4 replies

Rajesh Wanre

5 Points Posted on 10 January 2018

Hi,

This is regarding tax queries on my house property. I bought a flat in Noida in May 2011 on a housing loan, due to some legal disputes the property couldnt be constructed and i received the registry in Jan 2018. My wife initially claimed Principal and interest benefits under section 80C and 24B of income tax till FY Apr-14-Mar 15, post which this couldnt be claimed as we didnt get the flat built by then.

1. Can we go ahead and claim all interests/Principal amount/Stamp duty (I understand principal can only be claimed in current FY).

2. I am planning to sell my flat and in case this gets sold in this FY before March 18, would all tax benefits be reversed. As though i have got registry now, i purchased this flat in May 11 which is well over 5 years.

3. If i sell my property right now? what sort of gain is it, Short term or Long Term and what sort of taxation should this follow, I further plan to re-invest this amount quickly in Bangalore for another property.

regards,

Rajesh Wanre

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 10 January 2018

Period of holding depends upon registered document as of 2011.

In case you wish to sell, better not claim any deduction under 80C or 24b.

Rajesh Wanre

5 Points Posted on 11 January 2018

Hi Sir, i am not sure if i understood your answer, i mentioned in my comments, the registry happened in Jan 2018 and not 2011.

regards,

Rajesh Wanre

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 11 January 2018

I repeat, based on some authentic document/s as of 2011, you aquired rights in the property.....

When the asset called 'Right aquired in property' is sold.......... in 2018, it will be Long Term holding.

Rajesh Wanre

5 Points Posted on 11 January 2018

Yes sir, however u did mention not to claim tax benefits, I understand I should be entitled for income tax, 24 b and 80 c for expenses incurred towards interest, principal and stamp duty... once the property is sold I can calculate my taxes based on indexation???