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When should we sell existing flat to utilize capital gains?- Property Hotline
Posted
September 1, 2016
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88
September 1, 2016
88
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3:12Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali and Co LLP.
Question: I bought a flat in 2000. I will be funding a new flat by selling my existing flat and availing a home loan. When should I sell my existing flat in order to utilise capital gains for the under-construction flat?
Answer: I think you are talking about a Sale Deed and not a lease deed. The capital gains from a property can be invested one year before or two years after the sale of the existing property or construct within three years. From your question, it seems your worry is that if you sell your current property now and if within 3 years you do not get the possession of the new house, whether you will be entitled to the relief from capital gains tax. Once you sell the existing property and invest in a new property, your job is done. If the builder delays possession beyond 3 years, you will still be entitled to relief from capital gains tax. Therefore, you can sell your current property anytime between now and December 2017.
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