Hi,
Please help me understand the capital gain implication on the below transaction.
I booked a flat in May 2010, and got possession of the flat in Jul'12. I'm planning to sale the property which is not registered.
Should this be a Capital Gain. If yes, LT or ST ?
Thanks,
Sid
You've got the possession of the property,
the registration is immaterial...
If you sale the flat now it will be a Short term Capital gain,
No exemption will available in this respect...
Thanks Aryan..
Now since this will be a ST, I assume this will be taxed a normal slab rate.
How the sale consideration will be determined, Price quoted in the sale deed or the as fixed by the registrar.
Sale Consideration XXX
Less:
Cost of Acquisition XXX
STCG XXX
No, Indexation benefit will be allowed as the property is being sold within 36 months...
Agree with Mr. Aryan. It will be short term capital gain. Sale price is as quoted in the sale deed/agreement.
CAclubindia
