Sale of flat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 November 2011
One of Client Has purchase a flat costing Rs.70 Lacs on 2006 and on 2010 he gets the possession.
Now on 2011 he wants to sell the flat sale consideration around 1.50 crores and purchase the new flat costing Rs.2 Crores
Now whats the Tax implication for selling the flat.
and if any tax liability occurs then what are the option available that no tax liability occurs or reduction in Taxes
Please provide Sections also
Now on 2011 he wants to sell the flat sale consideration around 1.50 crores and purchase the new flat costing Rs.2 Crores
Now whats the Tax implication for selling the flat.
and if any tax liability occurs then what are the option available that no tax liability occurs or reduction in Taxes
Please provide Sections also
vipul Shah
(Expert)
31 December 2011
If flat is sold witin 3 yrs form the date of acquisition then STCG is applicable. IF if it is sild after 3yrs LTCG applicable.
Tax implication
For STCG there is no option.
LTCG can be saved by buying new property within 2yrs form the date of transfer.(Sec 54)
Amt invested or LTCG whichever is less is available as deduction.
Tax implication
For STCG there is no option.
LTCG can be saved by buying new property within 2yrs form the date of transfer.(Sec 54)
Amt invested or LTCG whichever is less is available as deduction.
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