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Capital gains tax

Tax queries 325 views 3 replies

Quote: I am an NRI. I hold an apartment in Thane (Mah). It was purchased by me on construction based progress payments. The property was registered in the year 2010 for a value of Rs 56lacs when construction was going on. Final possession is due next month ie Oct 2015. I am planning to dispose the same off.

My queries are:
 

(b) What is the date of acquisition to be considered? date of regn - (2010) or date of getting occupation certificate (2015)?

(a) How will the capital gain, if any, be termed? Short term or long term.

(c) What will be the tax rate?

 

Thanks and Regards

 

Ram

Replies (3)

If we go as per Section 2(47) we have to determie if its a capital asset. The construction period wil laso be counted here for determining the CG, here it seems its an LTCG and will be taxed at 20%. 

Thank you... I guess then I use the Indexed rate of 2010/2015 and calculate the LT captial gain by normal means.

 

Appreicate it

Capital gain arising sale of Shares though NSE/BSE :

I am resident Indian.

I have some loss under STCG and booked profit under LTCG. Profit under LTGC is not taxable.

Can I carry forward losses under STGC only to next year?


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