Capital gains (Income Tax)

This query is : Resolved

SUMIT

( Author )
29 July 2012

I had booked a flat under construction linked plan 2 years 11 months back and am paying installments according to construction periodically. Have also taken a bank loan for half the amount.
The flat is still under construction. If I sell the flat today in profit and buy a commercial shop, what are the tax implications

CA M Indani

( Expert )
30 July 2012

pay taxes at normal tax rates with slabs..i.e.10%/20%/30%
as that is not STCG - as asset was never yours...its just trade...

You will not get any CG exemption on purchase of Commercial Shop..