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Sold Flat Before Completion Certificate: Tax Implications for JDA Plot Allotted in 2019?

T S Khurana |471 Answers |Ask -Follow

Tax Expert - Answered on Oct 17, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Sep 24, 2024Hindi

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Sir I give a plot in jda 2019 jan take position on March 2022.but without completions certificate i sale the flat and purchase a new flat within 6 month. What tax will be?

Ans: 01. You purchased a Flat in January-2019 from JDA & took its possession in March-2022. Now, you would be selling the same, anytime after September-2024.
02. You would also purchase another Flat within 6 months of sale of first flat.
03. Yes. you can claim exemption on LTCG from the sale of first flat, against purchase of second flat. Purchase Cost of new flat should not be less than the LTCG from first flat.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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