avoiding capital gains tax

Hi, gains from sale of ancestral property can be invested for purchase of flat within 2 years or for construction of a flat within 3 years. if we buy a flat that is planned to complete in 2 years , will this purchase be eligible for tax relief? If so, what kind of docs are needed to be submitted to prove that the flat construction is complete ? ( registration of flat, Registration of UDS, Sale deed, EB bill, property tax)

please advise as i am not able to find the right answer. The property developers will allow registration of UDS after 50% of payment, allow registration of property 6 months or so before actual handover but property tax eb bill will only be available after completion of the entire project.

so what is the right document to prove that the flat purchase is complete within the 2 year timeframe to avoid capital gain tax.

Please clarify and i will be extremely grateful for the same

asked Oct 02 '11 at 23:26 by newbie99 1111


You would need to get possession of flat within two years. To show that flat was occupied by you in two years time, you would need possession certificate from builder and property registration documents in your name.

answered Oct 03 '11 at 23:43 by pankaj 5.2k320

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Asked: Oct 02 '11 at 23:26

Seen: 1,254 times

Last updated: Oct 03 '11 at 23:43