Short Term or Long Term
Hello
I purchased a property under construction in Noida Extension and below are details-
Date of Purchase/Allotment-24/8/2015
Date of Stamp Duty Paid-20/11/2019
Date of Possession-07/03/2019
Date of Registry-18/09/2024
There are 2 dates mentioned in registry ‘Certificate Issue Date’ (Page-1) which is 02/01/2020 while registry date (Page-2) mentioned is 18/09/2024.
I have couple of questions-
a) Am i under short term capital gain tax or long term capital gain tax if i sell property now? I m bit confused which date to be considered to calculate 2 yrs to determine capital gain tax?
b) If its long term capital gain tax then can i purchase new property under construction to take exemption of long term capital gain tax? I m not sure but i think rule is you should buy before 1 yr or within 2 yrs of sale and if it is under construction property then it should be completed within 3 yrs of sales of 1st property.
c) Is it true that you can only take one exemption of long term capital gain tax in a life time?
Regards
Pankaj