Capital gains
This query is : Resolved
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
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
(Expert)
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..
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..
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