I’m planning to sell my flat and reinvest the money in buying another flat. How should I proceed to save any short term capital gains tax if applicable?
Issue 1:
I had booked a flat in July 2009. In order to compute the period for calculation for the 3 year window for Capital gains tax, which date is important of the below:
1. Date of Booking of Flat: July 2009
2. Date of Allotment of Flat: Nov 2009
3. Date of Builder Buyer Agreement: Mar 2010
4. Date of Possession: Still waiting for it
Issue 2:
Does payments play a role is calculation of the 3 Year window period?
I had made around 20% payment when the Allotment letter was issued and had made a payment of around 35% when the builder buyer agreement was executed. By now I have paid around 90% of the money to the builder.
CAclubindia
