Sale of property

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Sridhar (Querist)
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22 March 2016 I have bought an apartment at a Price of 22.5 Lakhs of which 19 Lakhs i paid through loan. I have registered as per the guide line value which is 14.00 Lakhs approx. Now i am selling the same at a price of 24 Lakhs what would be my tax liability. This apartment has been bought 10 Months ago.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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23 March 2016 You held or holding the property for approximately a year or less. Hence, the asset you held is a short term capital asset (holding for a period equal to or less than 36 months). Any gain on transfer from such an asset is short term capital gain.

In your case the sale consideration is Rs. 24 lakhs;
The cost of acquisition is Rs. 14 lakhs + extra work agreement as entered by you with your builder for carrying additional work for example ceiling, flooring, cup-boards etc.
The net amount is your gain or loss.
You may also deduct selling expenses from the consideration.

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Sridhar

Sridhar (Querist)
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23 March 2016 Sir thanks for the reply but I don't have copy any work agreement copy with me.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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23 March 2016 Consult your house loan lending bank or the builder. That agreement is basis for granting additional amount over the guidance value.

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