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How exchange of property with under-construction floor works? - Property Hotline
Posted
February 8, 2017
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February 8, 2017
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5:12Now PlayingExpert: Aditya Pratap, Advocate, APA
Question: I want to sell my house and buy a bigger builder floor. The options I am getting are upper 1st and upper 2nd floor out of 4 floors. The builder is ready to offer an exchange of property. The new property is still under construction and will be completed post 6 months. I want to know how exchange offer works. Will a legal binding be based on time stamp of the successful completion and hand over of the property or there is much stronger term and condition which I should bring on the table which will have the strongest and full proof legal binding on the builder?
Answer: Under Transfer of Property Act, section 118 states transaction is called exchange when two persons mutually transfer ownership. A transfer of property in completion of an exchange can be made only in manner provided for the transfer of such property by sale. I would recommend you to get your property valued and obtain a certificate, try exchanging with a ready-to-move-in property. Ensure you get possession of new house within two years. And if the property is held for 3 years, claim tax exemption under Section 54 of Income Tax Act.
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