Hi
I bought a under construction flat from builder where there was sale agreement of 12 lacs and a construction agreement of 36 lacs. So total cost which I paid was 48 lacs + stamp duty cost. Later on the final sale deed was done for a price of 22 lacs.
Now I am selling the flat at 54 lacs with same as sale deed value. Do I have to pay capital gain on 32 lacs(54-22) lacs or 6 lacs (54-48). Please advise.
Unless you justify your payments with legal documents for 48 lakhs, the COA will be treated as 32 lakhs only.
You will be allowed for indexation benefit if period of holding is more than 24 months, thus reducing your capital gains liability.
MANUJ SHARMA AND COMPANY
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CA Inter
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