Capital gain on property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2011
I had purchased a flat in March 2009 (Registration date 9-3-2009 & date of possession - 5-6-2009)
Can I sell this flat and purchase a new flat. Will I be able to save tax.
what is considered as purchase and sale date (Dt. of Registration / Dt. of Token Money / Dt. of Possession) ?
Can I sell this flat and purchase a new flat. Will I be able to save tax.
what is considered as purchase and sale date (Dt. of Registration / Dt. of Token Money / Dt. of Possession) ?
17 November 2011
You haven't provide any detail of purchase amount and price you want to sell at, So i wont able to comment on tax matter. But date of purchase will be registration date.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2011
thanks sir, the cost of the flat is 9lac & sale price is 18lac. What will be the tax if i sell it before 3 years. To save tax can I take some amount from the buyer and register the sale agreement after 9th March 2012. will i be able to save on the capital gain tax ?
18 November 2011
If u sell it before 9th march tax will be 18-9=9 lakhs @10%=90000.
But if sell after 9th marth 2012 then...
cost of indexation benifit will apply and tax will be-
cost 9*782/582=12 lakhs
so gain is 18-12= 6lakhs
and tax will be 6*20%=120000.
But u can save tax in long term gain by investing amount in other propery.
But if sell after 9th marth 2012 then...
cost of indexation benifit will apply and tax will be-
cost 9*782/582=12 lakhs
so gain is 18-12= 6lakhs
and tax will be 6*20%=120000.
But u can save tax in long term gain by investing amount in other propery.
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