Buying Under-construction Property? Best Time To Sell Your Current House For Section 54 Benefits
Most tax-efficient strategy for homeowners planning to buy an under-construction property while selling their existing house. Under Section 54 of the Income Tax Act, individuals can claim capital gains exemption when they reinvest the proceeds from selling their current property into a new residential house. However, the law clearly states that if the taxpayer chooses self-construction or books an under-construction home, the construction must be completed within three years from the date of sale of the original property. The article highlights why timing the sale correctly is crucial to ensure eligibility for tax benefits. It also discusses practical considerations buyers should keep in mind, the risks of construction delays, and how aligning the sale and purchase timeline can help maximize tax savings. Expert insights emphasize careful planning to avoid losing exemptions due to missed deadlines or project delays.
#Section54 #CapitalGainsTax #UnderConstructionProperty #RealEstateIndia #TaxSavings #HomeLoan #PersonalFinance #AskWalletWise
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