Property Booked in 2015 and registry done in 2024. Query on Capital Gains
Dear Sir/Madam,
I've purchased a residential property in Ghaziabad in 2015 and the builder buyer agreement was executed in Oct 2016. I was allotted the apartment unit number as well. Since then the property is under construction and faced several delays. I took home loan as well to fund the demands by the builder and I have never taken any income tax benefit of interest or principal for the home loan while the property was under construction. I got the possession letter in Nov 2023 and got the sale deed executed in Aug 2024. Since I no longer reside in Ghaziabad (due to work commitments). I'm now selling the apartment. The purchased price was 47 Lakhs (plus 4 lakhs GST, 4 lakhs registry and 5 lakhs of interest on home loan). I'm selling it for Rs 78 lakhs. Will the gain be taxed at short term rate or will it be long term. I want to purchase the property in another city with this amount so I'm hoping it can be LTCG else what will be the benefit for me for waiting for 9 long years with this property. Could all learned CA's please help me with this query as I'm quite lost. Thanks in advance.