DDA Flat Allotment
This query is : Resolved
21 April 2011
Hi
I filled DDA form and luckily got one flat allotted from DDA.my question is if I sell the Allotment letter on premium to property dealer what are the tax implications.Do I need to pay short term capital gain tax or any other tax on the premium amount which i will receive.
Please suggest.
I filled DDA form and luckily got one flat allotted from DDA.my question is if I sell the Allotment letter on premium to property dealer what are the tax implications.Do I need to pay short term capital gain tax or any other tax on the premium amount which i will receive.
Please suggest.
22 April 2011
Whatever premium you are getting by cheque you have to pay short term capital gain on it. Since allotment right to a flat is a capital asset & you have not held the right for more than 36 months, it is STCG.
Any way i am also interested in purchasing this flat. If interested can contact me at
mjain@hondacarindia.com
Any way i am also interested in purchasing this flat. If interested can contact me at
mjain@hondacarindia.com
22 April 2011
If you are selling allotment right before 36 months, it would be taxed as short term capital gain.
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