Short term capital gain on sale of flat

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2013 Hi All,

I purchased a flat under construction in 2011 and went for a home loan for 15 Lac in 2011'Dec. I want to sell my property now at 2400000 (Including 50000 Brokerage) by 2013 end. Total Flat cost break up is given below.

Flat Cost 1464000
Putty 70000 (No Receipt)
Service Tax 68000
Stamp duty 9000
Registration 70000
Processing Fee 10000
Wood Work 100000 (No Receipt)
Brokerage 50000 (No Receipt)

Total 1841000

I have the below questions:
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1.For few of the above mentioned brake ups, there are no receipts that I could provide as they are daily workers. Can I still add these amounts(With No receipts) to calculate the Total Cost of the flat.

2.Please help me in calculating the Short term capital gain. How much amount is taxable on the gain/loss that I have incurred.

3.Please share the Percentage(%) of taxable amount for STCG. Currently I am in 10% IT slab.

Please help me answering my question.

Thanks in advance,
Sekhar

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 September 2013 1. Whatever you cannot substantiate cannot be added to cost. may create problem if ur case is picked up for scrutiny.

2. Rs 24 Lakhs - Rs 50 thousand (assuming get receipt for brokerage paid at the time of sale) - Basic Cost Rs 14.64 lakhs - Rs 1570000 (improvements for which receipts are available) = Rs 729,000

3. This shall be taxable at normal slab rates.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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04 October 2013 For payments you must have paid through the contractor make a register and show the amount spent as cost and deduct the sale price and pay the tax on short term

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