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Author Topic: What will be w.e.f. date of Real Estate Bill?  (Read 339 times)

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Offline kabirr

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What will be w.e.f. date of Real Estate Bill?
« on: March 12, 2016, 04:59:04 AM »
Hello Members, I request you to please guide me on the below mentioned two issues I have. Will be great help. Thankuu all..

1. I have booked a property in Jan'15. They are going to give it's alotment this 15th Mar'16. Real Estate Bill 2016 is passed now but what will be its w.e.f. date. Will previous projects like this as dates mentioned will fall under its ambit?

2. I'm purchasing this property by selling my previous one which is still not sold. Booking date of my new property is Jan'15. If my old property is sale by next financial year. Do I fall under capital gain?
« Last Edit: March 12, 2016, 05:04:14 AM by kabirr »

Offline rajgopal sripathi

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Re: What will be w.e.f. date of Real Estate Bill?
« Reply #1 on: March 14, 2016, 11:35:37 PM »
Hi
The real estate bill is yet to be passed by parliament. once it is passed, there will be a gazette notification and also the state's will have to adopt it. so the act is on paper only as of date. it will take atleast june 2016/july 2016 to be implemented in states.
the good part of the bill is that it will cover all existing, on going and new  real estate projects.
your project will be covered under real estate bill as and when it is passed.
Assuming you sell your old property in 2016-2017 financial year, then invest the proceeds in this new property in 2016-2017 or 2017-2018, you will not be liable for capital gains tax.
Rajgopal Sripathi
Mobile:9704772200
email:rajgopal@legalwin.in

Offline kabirr

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Re: What will be w.e.f. date of Real Estate Bill?
« Reply #2 on: March 15, 2016, 09:24:45 AM »
Thankuu very much.. :)
I have posted it on many sites, only from here I got a reply and that also very helpful..
Thank you..

 

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