Sale of newly purchased flat.
This query is : Resolved
Querist : Anonymous
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
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
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.
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.
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