Sale of house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2015 Mr. Yogesh was booked flat on dated 06/07/2011 for Rs. 2259570. Stamp duty and registration charges was paid Rs. 95600 and 22600. Actual possession was received on dt. 26/01/2013.
now this flat sold by Mr. Yogesh for Rs. 38,50,000/- dt 22/05/2015.
my question is what will be the tax liability of Mr. Yogesh and in what manner he should have pay tax?
its urgent if he is liable to pay advance tax....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 September 2015 It is a long term capital gain considering the date of booking. 20% tax payable on capital gain calculated after reducing indexed cost of acquisition. He is liable to pay advance tax.

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2015 There is little bit confusion that some one says that possession date/sale deed should be considered and some says date of booking?????

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2015 Plz tell me act and section regarding the same.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 September 2015 It is based on Judgement search the web for judgement.

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