Short term capital gain computation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2013
The following is transaction done for sale purchase for apartment done by one of my relative . Please help understand;
i. if the margin is to be treated as Short Term Capital Gain.
ii. If yes, then what is possible way to minimize the tax.
DATE Cost Head AMOUNT
26 Oct 2005 Demand survey 11000
12 July 2006 Allotment 90000
01 Dec 2006
to 09 May 2011 Installmenst 3653403
Total Basic Cost 3754403
26 June 2012 Registration 251267
Sale Brokerage 75000
Electricity 8668
Maintenance 20910
TOTAL Cost 4110248
13 Dec 2012 Sale 5500000
Margin 1389752
i. if the margin is to be treated as Short Term Capital Gain.
ii. If yes, then what is possible way to minimize the tax.
DATE Cost Head AMOUNT
26 Oct 2005 Demand survey 11000
12 July 2006 Allotment 90000
01 Dec 2006
to 09 May 2011 Installmenst 3653403
Total Basic Cost 3754403
26 June 2012 Registration 251267
Sale Brokerage 75000
Electricity 8668
Maintenance 20910
TOTAL Cost 4110248
13 Dec 2012 Sale 5500000
Margin 1389752
CA PARAS BAFNA
(Expert)
19 January 2013
1. The maintenance cost and Electricity will not form part of cost of improvement.
.
2. Date of Allotment is 12-07-2006 and it may be crucial in deciding this case as of a long term capital asset.
.
3. Please go through the link. Your research may turn the liability to Zero-
https://taxworry.com/flat-allotment-date-is-crucial-for-the-capital-gains-itat/#axzz2IRFyxMG1
.
2. Date of Allotment is 12-07-2006 and it may be crucial in deciding this case as of a long term capital asset.
.
3. Please go through the link. Your research may turn the liability to Zero-
https://taxworry.com/flat-allotment-date-is-crucial-for-the-capital-gains-itat/#axzz2IRFyxMG1
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