Sell of property redeveloped in 2017 -tenancy to ownership
DHARMESH DHARAMSHI
(Querist) 23 September 2018
This query is : Resolved
Respected Sir
I have a resident property in mumbai , previously it was a trust property I were tenants and now the property is redeveloped and i have received Passion in year 2017. now if i have to sell the said home and buy new home , what is the waiting period to save tax on sold property
and buy other property against that amount.....
Isaac Gabriel
(Expert) 23 September 2018
If you are an assessee, consult Tax consultant to avail Capital Gain tax
Dr J C Vashista
(Expert) 23 September 2018
You have opted wrong platform, consult a local tax practitioner.
R.Ramachandran
(Expert) 24 September 2018
It is not a wrong Platform in any way, as suggested by Dr. J.C.Vashista.
There are many Advocates in this LCI itself who practice Tax Laws and in a position to offer solution to tax issues.
If you have become the owner of the Flat in the year 2017, you have to hold the property at least for a minimum period of 2 years, only then you will be in a position to take advantage of long term capital gains tax and the attendant provisions to save the capital gains tax by buying new property. Therefore, you have to hold the property for a period of minimum 24 months from the date of getting possession.
