Capital gain tax

And also you can not take house property benefit as it you flat doesnt satisfy the definition of income arisining out of house property that is

• The property should consist of any building or land appurtenant thereto
• The assessee should be the owner of the property
• The property should not be used by the owner for the purpose of any business or profession carried on by him,the profits of which are chargeable to tax.
Unless all the aforesaid conditions are satisfied, the property income cannot be charged to tax under the head‘Income from House property’.

Thanks to MR. Dhruva,

Thanks Mr. Dhruva

I need little clarification regarding your last post. It is an under construction flat in a housing society.

Does it mean i dont need to pay any taxes?

dear amit,

you need to pay tax under capital gain;

regarding the tax calculation under the head income form house property i dont have much idia i will let you know soon ...

if any one knew about this kindly update . . . thanks