Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2011
what is the tax implication if i sell my pre-booked (not yet possessed or signed sale agreement yet) now?
The project is still in approval process and construction not yet started.
The project is still in approval process and construction not yet started.
07 November 2011
If you have merely booked a flat in the building to be constructed with no particular flat having been allotted to you, you cannot be said to have acquired the 'right to purchase' a specific flat. It is only when the letter of allotment is issued that such a right can be said to have come into existence. In the absence of the above conditions, you don't have a 'transferable right' meaning there by ,the transfer referred doesn't come with in the ambit of capital gains tax. However,excess over the amount paid is income to be assessed under the head'income from other sources'.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
21 November 2011
thank you. it is very clear now
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