Hi Sreekanth,
How are you doing?
I have a query regarding Sec 54.
While claiming LTCG benefit of Sec 54, what should be new residential house Date of purchase? Will that be Date of house registration or date of possession?
Case -
Joint owners property sold in Apr 2018, Received part sale amount via cheque and respective TDS was deducted in Apr2018.
Now, received amount was used to book new flat in May2018 and flat registration done in Jun2018. Expected possession date in Dec 2019.
So in this case,
A) Can TDS deducted in Apr 2018, claimed in FY2018-19 ITR? or it has to be carried forward for next year?
B) What should be purchase date of new flat for sec 54? as in ITR2 Sec54 talks about 'Date of purchase/construction of new residential house'
Also in ITR2, schedule CG - Section B (LTCG on Sale of Property)
C) Under this section wether figures of (Full value of consideration, value of property as per StampDuty, Cost of acquisition) should be taken in proportion to the part sale amount received? or gross total sale amount of the property?
Thanks,
Anuj
3 Answers
Dear Anuj,
Suggest you to kindly consult a CA in this regard. Not advisable to provide advice on this case without actually looking into the documents.
Related articles :
Thanks Sreekanth for the quick response.
Here my query is more on clarification of Sec 54, what should be new flat purchase date consider for Sec 54? Registration date or possession date?
As if its Registration date, then for above case sale of old house and purchase of new flat is in same FY.
As if its Possession date, then for above case sale of old house and purchase of new flat is in next FY.
I have already gone thru given articles, but that article is more for sale of under-construction property.
Thanks,
Anuj
Please login or Register to submit your answer