Validity of Letter of Allotment by ITO

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..... Validity of Letter of Allotment by ITO
Query (Issue) Started By: - Vishal v Kanakia Dated:- 22-2-2016 Income Tax
Income Tax
Dear Sir, I have purchased a Under-Construction Residential Flat .....

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..... in July 2011 by paying 75% Agreement Value. Builder issued me Letter of Allotment on the same date. I signed Sale Agreement and paid Stamp Duty + Registration Charges + VAT + Service Tax in Septembe .....

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..... r 2013. Thereby I paid Balance 25% Agreement Value in March 2014. The Building is still under-construction and I have not taken possession from the builder. Now in December 2015, I sold my Under-Co .....

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..... nstruction Flat to Mr X. Further, I have invested the entire proceeds of the above Sale of Flat in a another ready to occupy Flat. Now I have 3 options for the above transaction : 1) I pay Short Te .....

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..... rms Capital Gains Tax (As sale is before 36 months if Agreement for Sale is considered as valid). 2) I pay Long Terms Capital Gains Tax (As Sale is after 36 months if Letter of Allotment is considere .....

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..... d as valid). 3) I claim Tax Benefit under section 54F of Income Tax (As Sale is after 36 months of Letter of Allotment + New Residential Flat is purchased from its Sale proceeds). Please guide what .....

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..... is the best option available for the above Transaction. Regards, Vishal K, Mumbai.
Discussion Forum - Knowledge Sharing .....

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