CASE
Mr.A B& C booked an Apartment for Rs.35 lacs in 3 names A,B &C in Sept.’2005. Initially they paid booking amount of Rs. 5 lacs . Then they took a bank home loan and paid Rs.20 lacs to the builder in Sept.’2009. On completion of the apartment, in June’14 , they paid balance Rs.10 lacs to the builder . In the complete transaction, they paid a total of Rs.35 lacs to the builder plus interest of Rs.8 lacs to the bank. But they did not take possession instead they sold the apartment to another customer for Rs.48 lacs. The customer paid transfer fees directly to the builder and got the apartment transferred in his name.

In the above case I assume that
1. they will be liable to capital gain on account of transfer of rights.

I want to know:
1. whether it’s a short term capital gain or long term capital gain?
(can we consider the date of booking as date of acquisition of rights?)
2. how to calculate the indexation of interest on loan considering it as the cost of acquisition
(hope we can do that….)
3. and how shall be the tax liability be distributed among a,b,c
Please advice……..

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