Is tax applicable only on gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2012 Hi,
I had booked a underconstruction flat, the builder had told to pay X amount in black and Y amount in white (30% amount total) initially.
If i sell the property which is still underconstruction, what will be the tax applicable for me, moreover will tax be applicable if the buyer is paying me the principal amount (the original X and Y amount) in white.
Question is not for black and white, it is for getting my money back and any tax for that.

Amol S Joglekar

Amol S Joglekar (Expert)
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01 October 2012 right associated with immovable property is also regarded as capital asset. The gain will be taxed as per the PERIOD of HOLDING... 36months... long term or short term.

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2012 What about the principal amount, if the purchaser is paying the amount back which i had given to builder as black, is that also taxed?

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CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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01 October 2012 WHATEVER U PAID IN WHITE WILL BE DEDUCTED AND BALANCE WILL BE TAXED
CA MANOJ GUPTA
JODHPUR
09828510543

Amol S Joglekar

Amol S Joglekar (Expert)
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01 October 2012 What is this BLACK & WHITE.... racial gimmicks? Ours is a secular country dear? Blackness or whiteness has no place in 'ACTUAL COST". Go by the actual cost as per the agreement.