I've booked a flat with possession on Dec, 27. I've to pay some amount every 2 months for the flat. I'm planning to sell some mutual funds, stocks and US stocks over time to pay for the flat. For rest of the amount, planning to take home loan.
Based on my reading, I've come to following conclusions:
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I won't get any tax benefit till the possession of the house on the interest component of the loan. Only after the possession, I can avail benefit on interest component of home loan. Therefore till the possession, am I free to file income tax under new or old regime? Only after possession, I'll start filing under the old regime. Also do I have to fill any details in ITR till the possession of the home?
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Sec 54F allows me to not pay tax on long term capital gains on selling of mutual funds, stocks and US stocks. However I think the section talks about completing the construction in 3 years. But the builder is providing the flat in 4 years. Will I be not eligible for exemption in such a case? (I'm planning to sell the stocks over the period of 4 years when I required and based on market condition).
Section 54F: https://incometaxindia.gov.in/Acts/Finance%20Acts/1982/102120000000036022.htm
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