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Ltcg on transfer of property

Tax queries 280 views 1 replies

Hello,

I have a question on Long Term Capital Gain of my property.

I had booked an under construction property in 2012 and I had taken the Bank loan for disbursements to the builder. The bank had made the payments to the builder over a period of 5 years (till 2017).

Now the property is ready to move in. However, I have now decided not to take over the property from the builder, as I am transferring the ownership of my property to someone else.

I have paid 90% of the value of the property to the builder till now and rest will be settled between the new buyer, builder and myself via a agreements.

I do have some capital gain due to the transfer.

My question is how do I calculate the long term capital gain, in this kind of scenario.

Any help is highly appreciated.

Thank you. Pradeep

Replies (1)

The excess amount received over and above all the payments and expenses can be termed as (Long Term) Capital Gain over "Rights Acquired in A Property/asset."


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