Tax implications

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Rohan (Querist)
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11 March 2014
Dear sir,

A brief query of my is below:

1. I have booked a flat in Dec 2009 costing approx Rs 34 Lacs. Which has construction linked payment plan.

2. Agreement for purchase was done in March 2010.

3. By now I have paid approx. Rs 26 Lacs. Approx Rs 8.0 Lacs balance to be paid.

4. Flat is expected to be handed over by Oct 14.

5. I want to sell this flat and I may get approx Rs 50 Lacs as sales value i.e appreciation of Rs 25 Lacs.

6. I want to invets entire some is some other property.

Query: Will this appreciation attract any tax liability?

Regards.

Rohan Srivastava

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 March 2014 if you sell before Oct 2014, the sale shall be accounted as long term capital gains arising out of sale of right in the under-construction property. you can claim exemption by reinvesting as per section 54F/54EC.

if you decide not to reinvest, capital gains shall be taxed at 20%

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