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Can I avail long term capital gains for un-registered flat?- Property Hotline
Posted
November 10, 2016
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November 10, 2016
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3:42Now PlayingExpert: Pannkaj Ghadiali, Tax Expert.
Question: I sold a seven year old property in May 2015. Then I invested the amount in another property on June 2015. The new property has not been registered yet. Now, if I transfer or sell the property without getting it registered in my name after three years from the date of possession, can I avail long term capital gain tax deduction? I would also like to know whether it is mandatory to get the property registered in such cases.
Answer: Registration is not mandatory for claiming tax benefit of reinvestment in another property. However, your title to the property is at stake and may remain defective because of which it might become difficult to sell the property in the market. Secondly I presume that the property you are talking about is a residential property and not a commercial property. You can reinvest the gains from the sale of commercial property for purchase of residential property but not vice versa.
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