Shilpa Sood, Apartment Resident
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Long term capital gain
Q: I have a property allotted to me in 2010. The actual possession was in 2014. For Long Term Capital Gain is date of allotment be considered or date of possession? I have booked a new flat last month under the subvention scheme. Can I buy a new house other than this one from the sale of the first house? Am I eligible for tax exemption

My comments to replies
Hi Shilpa!!!! If you sell a house within 3 yrs of buying it, the tax benefits on the principal repayment and interest paid on the home loan are reversed. These are then included in your income when you file your tax return. Also, if a house is sold within five years of the end of the financial year in which it was purchased, all the deductions claimed under Section 80C with respect to the property are added to the taxable income in the year of sale.
Thanks a lo!
22nd July 2016

Hi all, A considerable issue which arises in context of transfer of rights in the property under construction as well as in case of transfer of property (after taking the possession) is - whether the gain on transfer is short-term or long-term?
Thanks for the reply!!!
22nd July 2016

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