Capital gain tax calculation
This query is : Resolved
02 August 2017
Dear Sir/madam,
I have sold my flat in jul17 for 52 lakh, the total cost of the flat was 39 lakh, i got the possession an year back, however i booked the flat in 2010 and its was delayed at builder end and finally i got it in 2017, please let me know how the tax is calculated for it, will it fall under short term capital gain, but in that case will cost of acquisition apply as per my payments year on year from 2010 to 2017, so though i paid 39 lakh the cost of acquisition will be much higher.
How are what are my options to invest if i want to save tax.
Thanks
I have sold my flat in jul17 for 52 lakh, the total cost of the flat was 39 lakh, i got the possession an year back, however i booked the flat in 2010 and its was delayed at builder end and finally i got it in 2017, please let me know how the tax is calculated for it, will it fall under short term capital gain, but in that case will cost of acquisition apply as per my payments year on year from 2010 to 2017, so though i paid 39 lakh the cost of acquisition will be much higher.
How are what are my options to invest if i want to save tax.
Thanks
02 August 2017
What is date & amt in registry.
02 August 2017
date is registry is June2017 and amount is 28 lakh, does it not depend on allotment date, i was provided allotment letter in 2010
02 August 2017
The date of acquisition in case of a under construction apartment is a matter of controversy.
There are case laws where date on the allotment letter has been considered as date of acquisition.
However in some case laws the date of acquisition is considered when the builder has handed over the possession.
In your case you can consider date on allotment letter as the date of acquisition as it will make the gain long term and help you claim benefit.
There are case laws where date on the allotment letter has been considered as date of acquisition.
However in some case laws the date of acquisition is considered when the builder has handed over the possession.
In your case you can consider date on allotment letter as the date of acquisition as it will make the gain long term and help you claim benefit.
02 August 2017
Take date of allotment letter as date of acquisition
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