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Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 11, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Sandeep on Sep 10, 2024Hindi

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Two questions. 1. Agreement date and possession date has more than 4 years of time gap. Will that be a problem? 2. If possession date is the acquisition date, can I offset the LTCG against any direct payments made to the builder made in the 2 year timeframe before the possession date?

Ans: Yes the judgement clearly points towards it however to be on safe side it would be prudent if you consult a CA and seek his documented advice stating so!!

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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Asked by Anonymous - Aug 02, 2024Hindi

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Hi Mihir, I bought a house in Oct 2013, for 1.77cr and now I am in the process of selling of selling it for 2.2cr all registration related formalities will be completed by end of August. I also booked an under construction property last year in July 2023, which was registered in the month of Oct 2023 with agreement value of 3.96cr. It is an under construction property with construction linked payments and posession expected in 2027. Will I be able to offset my LTCG coming from sell of my property in the current FY with the one I booked in last FY?

Ans: To avail exemption u/s 54, you have to purchase a house within one year before or 2 years after LTCG. In case of construction of new house, the period is 3 years.
You are selling your house property in August-2024, so you must get your new house completed before August-2027. To avail the exemption, you must watch the time line.
Most welcome for any further clarifications. Thanks.

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Asked by Anonymous - Aug 06, 2024Hindi

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Hi, I bought a house in Oct 2013, for 1.77cr and now I am in the process of selling of selling it for 2.2cr all registration related formalities will be completed by end of August. I also booked an under construction property last year in July 2023, which was registered in the month of Oct 2023 with agreement value of 3.96cr. It is an under construction property with construction linked payments and posession expected in 2027. Will I be able to offset my LTCG coming from sell of my property in the current FY with the one I booked in last FY?

Ans: Ofcourse yes, as per Sec 54 of IT act. (Seek help of a CA if needed)

Vivek Lala |317 Answers |Ask -Follow

Tax, MF Expert - Answered on Sep 22, 2024

Question by RAMENDRA - Sep 22, 2024Hindi

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I have sold a residential property in March 2023 and booked a new flat for which last instalment paid in September 2024 and possession will be in November 2024. What will be LTCG implication ?

Ans: Hello, it depends on the date of agreement of the new house

Mihir Tanna |1057 Answers |Ask -Follow

Tax Expert - Answered on Oct 09, 2024

Asked by Anonymous - Oct 05, 2024Hindi

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Have given land for redevelopment to a promoter in 2022. Entire land was in my name & the project is expected to be completed by mid 2025. As per the Development Agreement I will be alloted more than one apartment, commercial office & shop in the project once completed and handed over. I understand that once the completed apartments, office & shop are handed over to me by the promoter, I will be liable to pay LTCG. Since I am to receive more than one apartment plus an office & shop, I may not be allowed to reinvest the LTCG amount towards purchase of another property. Is there any way the LTCG amount can be beneficially utilised by me ?

Ans: As per Income tax provision, possession date is not important but date of completion certificate is important.

For tax exemption on LTCG, you can check provisions of 54EC and invest the gain amount (if possible) in specified bonds within 6 months of receiving completion certificate.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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