My father had booked a flat before 2 and 1/2 years from now and possesion was taken 4 months ago. Now we need to sell this
existing flat as we are planning to buy new flat immedialty. So for this kind of transaction do we need to pay any income tax?
Price Details for existing flat:
@ booking : 25 lacs
@ now : 46 lacs(Approx)
New flats price : around 76 Lacs
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Income tax on selling flat?
Replies (2)
assuming that 46 lacs has been paid by yourself till now, and sale proceeds will be 76 lacs, so you have to pay tax on 30 lacs, as before 3 years of possession no LTCG benefit is available.
one is Long term capital gains front and you will land on VAT of 1.5 % on 46 lacs inaddition, as new dispensation is to generate revenue for the govt of india besides state sales tax . advisable not to sell now but wait for a total period of three years, to get better indexation may be new prices may be either more or low no body can say now about economic spirals clearly..that is my view sir.
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