banner_ad

Sale of newly purchased flat.

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
17 January 2013 Sir,

Recently, i have purchased a new flat in Apr-2012. Now in coming months,I may be transferred to some other place. Therefore, I am thinking of selling the flat which i have purchased in Apr-12.

One of my friend informed me that if I will sell the flat in the First year of purchase i.e., before Apr-13 than 30% Income Tax will be liable under the Category Short term gain etc.

Sir, my question is that what type of taxes i have to borne if i sell my flat within one year and after one year of purchase the flat.

Thanking you in anticipation.


Regards,
Sanjeev
Profile Image

CA. Subhash Dangi

Profile Image

CA. Subhash Dangi (Expert)
17 January 2013 Sale of property within 3 years from the date of its purchase is liable for Short term capital gain tax. Such STCG should be added to your income and taxable at normal rate of taxes.

If the holding period of property is more than 3 years, then it is long term capital gain on sale and taxable @ 20% with Indexation benefit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details