Hi,
I am a resident of Mumbai, i used to own a 1bhk flat in the suburbs which i sold for 75 lakhs on 1st May 2013 (Registration date).
Using this money i bought a 2bhk flat in an under construction building for 95 lakhs in the same month. Till date i have paid about 85% of the flat value to the builder and the building is still under construction.
We have not yet paid stamp duty or registration and receiving OC is also out of question since it is still under construction.
I am worried that i might have to pay Capital gains tax since there has been no official paperwork of the new house even after 3 years.
Please advise further course of action in this case.
Thanks,
Bhavik
Asked 8 years ago in Property Law
Religion: Hindu
Thanks for your help,
when i sold my original flat in 2013 for 75 lakhs I paid 65 lakhs to the builder (by cheque) for my new flat, the balance amount of 10 lakhs was put into a fixed deposit account.
i have been paying income tax on the interest received from that fixed deposit for 3 years now.
Should i move this amount to the Capital Gains Account now? (the building is 80% complete as on today)
or should i pay the builder in full and get the stamp duty / registration done asap?
Asked 8 years ago