Can you take a Home Loan and also Claim LTCG Tax Exemption on Sale of Real-Estate Property?
Dear shreekant
I read your article on above subject it is quite useful. I am seeking some clarification on the same.
Timeline
Booking of flat September 2017
Expect possession earliest by June 2020 latest by Jan 201
Loan March 2018 & juJu 2018 ( partial disbursement)
Sale of property Jan 2019 ( trying to as near as possible to latest date of possession).
More comfortable will be June 2019. By this will I lose on one year prior to sale criteria as loan is availed in March 2018
Planning to repay the loan availed and claim LTCG
Please clarify if I can still claim the LTCG. please clarify on 2/3 year from date of sale on ongoing construction of flat/house .
1 Answers
Hi,
If you are booking a Flat in 2017 and selling another property in 2019 then 'one year prior' clause is not met.
Also, as per the rules, the 'under construction' clause is 3 year forward only and not backwards. So, it is not very clear and can be subjective.
Suggest you to kindly consult a CA.
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