What is the procedure to sell a flat that is still under construction?
22-Feb-2023 (In Property Law)
I had purchased a flat in Greater Noida long back. The flats are still under construction but now I have been transferred to Lucknow, therefore I wanted to sell my flat to my brother who stays in Noida. Can I do so? If yes, what is the legal procedure for the same?
You can sell the under construction flat by entering into an agreement with the purchaser i.e. your brother in this case and the builder. Under this agreement, you will assign all your rights to the under-construction flat to the purchaser (your brother) with the consent of the builder. The purchaser will have to agree to pay the balance of the original purchase price payable to the builder and the builder should agree to give possession of the ready flat to the purchaser directly. The agreement assigns the right to acquire a particular flat.
It is important to know that selling an under construction flat before taking possession of the same will substantially reduce your tax liability in respect of the capital gains, provided three years have elapsed since you entered into the agreement for purchase of the flat.
It is important to know that selling an under construction flat before taking possession of the same will substantially reduce your tax liability in respect of the capital gains, provided three years have elapsed since you entered into the agreement for purchase of the flat.
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