Hi all,
I had made booking to a flat september 2009 through construction linked plan. The market valuation of the flat at that time was Rs 38 lacs approx. I made the complete payment for the flat (excluding stamp duty and registration fees) by the end of December 2013. Recently I paid the stamp duty and registration fee (November 2014). I am planning to sell off the flat for a price of 70 lac and planning to buy another flat in different city which is costing me 80 lacs.
Question here is as follows:
1) Will this be considered under short term capital gain?
2) Will stamp duty and registration fees I paid will be considered as my cost?
3) I have paid some amount (approx Rs 3,00,000/-) towards fixtures and fittings after registration. Will this be considered for tax exemption.
Please help me on these queries.
Thanks & regards,
Sumit
CAclubindia
