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Can we avail tax benefit before taking possession?- property Hotline
Posted
September 8, 2016
Views
79
September 8, 2016
79
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1:00:01
2:03Now PlayingExpert: Shipra Padhi, Member - International Tax Practice at Nishith Desai Associates.
Question: I bought a property that costs Rs80.9 lakhs. I have been paying instalments since 2010. The current cost inflation based price is Rs1.13 cr. Can I avail tax benefits if I sell this property before taking possession?
Answer: Definition of capital asset is very wide and includes a right to conveyance of immoveable property. For under constructed property, capital gains tax exemption should be available in certain cases. Conditions for exemption (such as holding period, long term gains etc.) should be fulfilled also should be using gains to purchase only residential house.
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