Hello Expert,
I have purhcase 1 flat in Dec 2011. now it is not having good retrun from flat interms of rent and city growth.
Now if we want to sell this flat now. what will be tax applicable for us in % and how it is calculation happen. What are implication?
Will we wait for 3yrs till date Long term Capital Gain Tax start.
Awating for Expert Reply,
Regards,
Dev
1. Short term capital gain will arise and it will be taxable as per the slab rate.
2. Benefits taken under sec 80C will be reversed if the house is sold witin 5 years of purchase.
3. You should wait for 3 years so that the gain will be long term.
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