I had booked a Flat from a builder in March 2010 which was confirmed by the builder through an allotment letter dated March 2010. The Flat is under construction till date and I have not taken possession of the same. 80% payment has been made at various stages of construction to the builder. Now, I intend to sell the flat to a third person and want to invest in a new residential flat. Will the gain in sale of flat be considered as capital gain (long / short) and whether the same shall be taxable if I invest the same in a new residential flat?
CAclubindia
