QUERY regarding Capital Gain Tax on transfer of an Apartment :
We booked an Apartment for Rs.35 lacs in 3 names A,B &C in Sept.’2005. Initially we paid booking amount of Rs. 5 lacs . Then we took a bank home loan and paid Rs.20 lacs to the builder in Sept.’2009.
On completion of the apartment, in June’14 , we paid balance Rs.10 lacs to the builder . In the complete transaction, we paid a total of Rs.35 lacs to the builder plus interest of Rs.8 lacs to the bank.
But we did not take possession instead we 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, is there any Capital Gain liability on all 3 applicants as we have not got the registry done ? And if yes, then is it long term or short term and what is the amount of tax liability on us. Please advise .
Thanks & Regards.
Dear all,
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1. Clause 44AB(a)
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Dear Sir/Madam,
There is a company A Ltd, with two directors Mr X. & Mrs.X. They have a son Mr.Y who runs a proprietary concern B . A ltd & B enter into transactions.Whether this will be considered as a case of interested director as per section 184 and needs to be disclosed in MBP1. Also tell whether there is any more compliance.
Please answer this query at the earliest.
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Capital gain tax