Tax liability on capital gain on property sale
This query is : Resolved
Tapash Kumar Biswas
(Querist)
12 August 2018
Dear Sir
I purchase a Flat on May'2011 at a cost of Rs.35.00 lacs which is completely under Construction and got the possession on 07.02.2015 after making the Final Payment to the Builder on 01.02.2015.
Please note that, I also made the payment for Annual Maintenance of Rs. 2000/- every year to the Flat Owners Association for the said Flat.
On 09.07.2018 I sold the Flat amounting Rs.45.00 lacs ( Market Value has been decided to Rs.53.00 lacs on which the Buyer paid the Stamp Duty and Registration fees as applicable.) and handover the Flat to the buyer.
Should I Consider the Year of Possession i.e. 07.02.2015 as Indexed Cost of Purchase for Compute theTax Liability on Capital Gain ??
Your valued advice help me out to deposit the Tax in time, if any .
I purchase a Flat on May'2011 at a cost of Rs.35.00 lacs which is completely under Construction and got the possession on 07.02.2015 after making the Final Payment to the Builder on 01.02.2015.
Please note that, I also made the payment for Annual Maintenance of Rs. 2000/- every year to the Flat Owners Association for the said Flat.
On 09.07.2018 I sold the Flat amounting Rs.45.00 lacs ( Market Value has been decided to Rs.53.00 lacs on which the Buyer paid the Stamp Duty and Registration fees as applicable.) and handover the Flat to the buyer.
Should I Consider the Year of Possession i.e. 07.02.2015 as Indexed Cost of Purchase for Compute theTax Liability on Capital Gain ??
Your valued advice help me out to deposit the Tax in time, if any .
CA Visswanath Vadde
(Expert)
13 August 2018
Construction Completion Certificate is the date when your flat can be occupied. Acquisition date will be 07/02/2015.
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