Validity of Letter of Allotment by ITO

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..... Dear Sir, I have purchased a Under-Construction Residential Flat 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 September 2013. Thereby I paid Balance 25% Agreement Value in March 2014. The Building is still under-construction and I .....

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..... have not taken possession from the builder. Now in December 2015, I sold my Under-Construction 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 Terms Capital Gains Tax (As sale is before 36 months if Agreement for Sale is considered as valid). .....

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..... 2) I pay Long Terms Capital Gains Tax (As Sale is after 36 months if Letter of Allotment is considered 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 is the best option available for the above Transaction. Regards, Vishal K, .....

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..... Mumbai. - Validity of Letter of Allotment by ITO - Query Started By: - Vishal v Kanakia Dated:- 22-2-2016 Income Tax - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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