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05-05-10
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#1 |
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Join Date: Dec 2009
Location: Geneva, Switzerland
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Eligibility for Long Term Capital Gains deduction
In the year 2008, I put on sale a residential property in Trivandrum, I had inherited in 1984. Simultaneously, I booked a flat under construction in the same town, expecting to deduct its cost from Capital Gains arising from the sale of the older property. A sale deed of the flat was registered on 14.01.09. However, as the POSSESSION CERTIFICATE issued by the builder on 10.02.2010 indicates, I had actual possession of the flat only by early 2010 due to continuing construction work and delay in obtaining transfer of ownership documents. In consideration of the above facts, I should appreciate being advised whether the date of registration or the date of possession will be valid for claiming exemption under investment in a new residence in commuting Long Term Capital Gains tax.
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20-07-10
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#2 |
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Join Date: Jul 2010
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Only property lawyer can give you proper guidelines
Dear nilrishikesh, you should contact a proper lawyer for this issue. Only property lawyer can give you proper guidelines he may charge some nominal fees but it will be worth.
Thanks & Regards, Manoj http://www.nashikpropertybazaar.com Last edited by manojnagesh; 20-07-10 at 01:33 PM. Reason: Spelling Mistake |
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| capital, deduction, eligibility, gains, long, term |
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