DDA Flat Allotment
This query is : Resolved
21 April 2011
Hi
I filled DDA form and luckily got one flat allotted from DDA.my question is if I sell the Allotment letter on premium to property dealer what are the tax implications.Do I need to pay short term capital gain tax or any other tax on the premium amount which i will receive.
Please suggest.
I filled DDA form and luckily got one flat allotted from DDA.my question is if I sell the Allotment letter on premium to property dealer what are the tax implications.Do I need to pay short term capital gain tax or any other tax on the premium amount which i will receive.
Please suggest.
Maninder Jain
(Expert)
22 April 2011
Whatever premium you are getting by cheque you have to pay short term capital gain on it. Since allotment right to a flat is a capital asset & you have not held the right for more than 36 months, it is STCG.
Any way i am also interested in purchasing this flat. If interested can contact me at
mjain@hondacarindia.com
Any way i am also interested in purchasing this flat. If interested can contact me at
mjain@hondacarindia.com
CA. Krishna K Neeraj
(Expert)
22 April 2011
If you are selling allotment right before 36 months, it would be taxed as short term capital gain.
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