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Can we save tax on selling immovable property?- Property Hotline
Posted
September 22, 2016
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97
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September 22, 2016
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2:49Now PlayingExpert: Vinay Singh, Legal & Tax Expert.
Question: I sold one immovable property and wanted to reinvest the gains in another apartment. The developer said that he will register the sale deed for only part of the total cost he quoted. The remaining part will be given in the form of an agreement called building construction cost agreement, but there will be no registration. If I take it up, will I be eligible for capital gains tax for the amount mentioned solely in the sale deed or will it include the unregistered development/construction cost?
Answer: You can save tax by buying or constructing a house. Construction agreements need not be registered. Total cost of land plus construction can be set off.
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