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
CAclubindia
