It should be within 3 years from the date of transfer. Date of registration of sale deed is conclusive evidence of date of transfer. Possession date can also be considered as date of transfer.
Reinvestment of capital gain under section 54F
As on today A & B jointly own a house in which they currently live A & B have booked one more residential property with Booking date: 29 Oct 2021, Agreement date: 15 Dec 2021, possession expected within 5 years from booking date Can LTCG from non residential assets in future be exempted from tax by reinvesting in the under-construction house? If Yes,under how many years from which date? (Booking date/Agreement date/ Dates of several part payments/Possession date or any other date)?
Asked 1 year ago in Capital Gains Tax
You mean we can consider 3 years from date of sale deed or 3 years from date of possession as per our convenience? After reinvestment,this newly acquired residential asset needs to be held for how many years? Is it ok if 1 house already there. This is the second one
Asked 1 year ago
- 3 years from the date of sale deed
- Newly acquired asset should be retained for 3 years
- On the date of transfer you should be the owner of 1 house other than new asset. Also you should not purchase within 2 years or constructs within 3 years any residential house other than the new one from the date of transfer.
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It will be 3 years from the date of sale. New property should be held for 3 years. You can hold one house property.
Dear Sir,
-3 years from date of sale deed would be consider.
-The newly acquired residential asset needs to be held for years.
-Yes, you can hold one house property.
You already own 2 houses how will you adjust capital gain from foreign asset by adjusting against under construction property.
Do you have possession letter for the under construction property?
Have you registered sale deed?
Hope you find the information helpful, if yes do rate if 5 and provide your valuable feedback for my improvement.
Thank you.
Hi,
The LTCG can be transferred to under-construction house within 2 years from the date of transfer. The agreement date would be relevant. Newly acquired asset should be retained for 3 years
On the date of transfer you should not be the owner of more than 1 house other than new asset. Also you should not purchase within 2 years or constructs within 3 years any residential house other than the new one from the date of transfer.
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