Mirror Now
@mirrornow·2.2M subscribers·145K videos
How to claim benefits of reinvestment in property?- Property Hotline
Posted
October 13, 2016
Views
50
October 13, 2016
50
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
See what was published immediately before and after this episode.
3:53Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali and Company LLP.
Question: I am buying a property and to get the capital gains tax exemption I have to get the property registered in my name within 3 years. Due to the delay from the developer's side, the registration would be delayed by 2 or 3 months. Due to the delay from the developer's side, the registration would be delayed by 2 or 3 months. Am I eligible for exemption from capital gains tax? Please guide me.
Answer: For claiming the benefit of reinvestment in property, what is required is "investment" in property within the time prescribed. It does not talk about Registration of the document in your name. In your case since you have already invested the capital gain or sales consideration as the case may be for the purchase of residential property, you will get the benefit of exemption of long-term capital gains.
The three-year issue that you are talking about is when you want to sell the property that you have acquired. In order that the property you are selling becomes a long term capital asset, you should be holding it for 3 years after registration. However various courts have held in favor of assesses and granted the benefit of long term capital asset as long as it has been held for 3 years from the date of investment.
Be Un Confused
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
