I have sold my flat acquired in 1999 reently and plan to invest the LTC gains in another bigger house. But the property I intend to purchase is a an apartment in a multi storied residential building being constructed by a builder. I will make payments right away, but the apartment will be ready earliest by March 2011, when it will become mine. There is a chance of this event being beyond 2 years of the sale.
Will this property acquisition be considered out right purchase (2 yrs period for re-investment) or construction (3 years period for re-investment). In the latter case I am comfortable.
Re: Construction / outright purchase of a house property
by Tejas Chokshi on Aug 30, 2009 07:48 PM Permalink
You can deposit the fund under special deposit account which can be opened in designated bank for this purpose like SBI, BOI, etc. You may go on drawing and make payments. By CA Tejas Chokshi
Re: Re: Construction / outright purchase of a house property
by Guest on Oct 14, 2009 05:08 PM Permalink
I bought a property in Dec 2002 for 2.4 cr and sold this month at 8.5 cr. the property is under owned by me and my wife. What will be capital gain based on indexation. I reckon we can buy two properties from the profit. For the rest what investment options we have so that we pay no tax. Thank you for your expert advise. i can
