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
CAclubindia
