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) ?

Vikas

Vikas (Expert)
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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 ?

Vikas

Vikas (Expert)
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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.

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