Hello:
I was looking for some help and guidance please.
Context:
I booked an under construction property in sept. 2009 and am getting the possession in April 2013. However, the property will have to be registered for possession.
Also, I have got an offer for sale on the same property and have a few queries regarding taxes.
Questions:
1. Will the proceeds from the sale be treated as short term capital gains?
2. What is my tax liability? Is it the the difference between the registered value of the property (i have to register the property before any sale) and the sale deed? or the difference between the value I booked the apartment for in june 2009 and the sale deed value in april 2013?
Thank you for your help.
-Adil
CAclubindia
