Is capital gains exempted if registration gets delayed? - Property Hotline
January 19, 2017
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5:00Suggest avenues to reinvest money to decrease tax burden - Property Hotline
4:21Now PlayingIs capital gains exempted if registration gets delayed? - Property Hotline
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as posted by the channelExpert: Samir Kanabar, EY LLP
Question: I am buying a property and to get capital gains tax exemption I have to get the property registered within 3 years. Due to delay of 1-2 months excess of 3 years from the builder’s side, will I still be eligible for capital gains tax exemption?
Answer : Due to some issues that came up recently, the tax court took the opportunity of evaluating the law; the law now states that it’s alright even if you don’t get the property in 3 years but you have to invest money or capital gains in 3 years. So, there is absolutely no problem and you’re eligible for capital gains tax exemption. Further if you have signed an agreement and made legitimate payments to the owner it is an adequate proof to show that there is a signed agreement. In case of no agreement, a letter of allotment is good enough. I don’t think you have to wait till the completion of construction and simply can go and register the property on your name.
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