Dear Sir,
We are selling a flat we booked in Dec.2010 and occupied in Dec.2011
The sale price is Rs.70 lacs now.
The price paid is 47 lacs and40000(1375000 as advance and 34 lacs and 30000 as bank loan)
My wife and my son are the joint owners.
As my son was going abroad after booking the flat he executed a power of attorney in my favour. I signed the sale and mortgage documents. He is still abroad.
Now my queries are:
The indexation cost of the flat now is more than 80 lacs.But we can sell it for 70 lacs only.Do we need to pay long term capital gains tax? How is it calculated?
If we are selling it at a loss, can we apply for a certificate from the IT assessor to the effect that we need not pay the 1% TDS ?
If the buyer deducts 1% TDS can we claim a refund?
As the POA of my son I have to execute the sale on his behalf. Will tbe LTCG, if any, be clubbed with my personal income
Thanks a lot in advance!
Regards,
Sid
CAclubindia
