Capital gains

This query is : Resolved

SUMIT (Querist)
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29 July 2012 I had booked a flat under construction linked plan 2 years 11 months back and am paying installments according to construction periodically. Have also taken a bank loan for half the amount.
The flat is still under construction. If I sell the flat today in profit and buy a commercial shop, what are the tax implications

CA M Indani

CA M Indani (Expert)
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30 July 2012 pay taxes at normal tax rates with slabs..i.e.10%/20%/30%
as that is not STCG - as asset was never yours...its just trade...

You will not get any CG exemption on purchase of Commercial Shop..