Time duration of sale trasaction

Raminder 1
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Hi, My father entered into sale transaction of our agriculter land. The buyer were suppose to pay rs 2 crores in 1 year. During transaction my father died. Now, Buyers took 3 years to pay the amount instead of 1 year. They paid 1 crore in 1st year and rest in installments in 2 years. The registry for the land heppened just now. My question is that what will be the date of transaction for sale of land? Will it start from now or will it start from 3 year before? I have just invested all the money in house. Will I be paying Gain tax as I have crossed the time period of 2 years since I first received the money?

Thanx in advance.

section-54f registration-date long-term-gains capital-gain income-tax
1 Answers

Registration or handover date here should be taken into account for computing long term gains and tax benefit.

In order to take tax benefit u/s 54F, residential house property should be bought/constructed within time period of one year before and two years after date of sale.

Here possession date of new residential property would be considered, so if you were handed over new house within one year before registration sale deed of land, you can claim tax benefit.

Pankaj Batra5212
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