How to calculate income tax liability on the resale of an under construction property? e.g. I did an agreement with builder to purchase a property of Total cost = Rs 1 lakh and took a home loan to finance the same.
After 2 years, I entered into an agreement with a buyer to sell the property at Rs 1.5 lakhs while the property is still under construction. How much will be the capital gains here and overall tax liability?
Can I also account for the deduction of Pre-eMI iNterest paid to bank during this period from the short term capital gain amount?
Pls share the options to minimise the capital gains tax liability in this case.
CAclubindia
