Tax liability on capital gain on property sale
This query is : Resolved
12 August 2018
Dear Sir
I purchase a Flat on May'2011 at a cost of Rs.35.00 lacs which is completely under Construction and got the possession on 07.02.2015 after making the Final Payment to the Builder on 01.02.2015.
Please note that, I also made the payment for Annual Maintenance of Rs. 2000/- every year to the Flat Owners Association for the said Flat.
On 09.07.2018 I sold the Flat amounting Rs.45.00 lacs ( Market Value has been decided to Rs.53.00 lacs on which the Buyer paid the Stamp Duty and Registration fees as applicable.) and handover the Flat to the buyer.
Should I Consider the Year of Possession i.e. 07.02.2015 as Indexed Cost of Purchase for Compute theTax Liability on Capital Gain ??
Your valued advice help me out to deposit the Tax in time, if any .
I purchase a Flat on May'2011 at a cost of Rs.35.00 lacs which is completely under Construction and got the possession on 07.02.2015 after making the Final Payment to the Builder on 01.02.2015.
Please note that, I also made the payment for Annual Maintenance of Rs. 2000/- every year to the Flat Owners Association for the said Flat.
On 09.07.2018 I sold the Flat amounting Rs.45.00 lacs ( Market Value has been decided to Rs.53.00 lacs on which the Buyer paid the Stamp Duty and Registration fees as applicable.) and handover the Flat to the buyer.
Should I Consider the Year of Possession i.e. 07.02.2015 as Indexed Cost of Purchase for Compute theTax Liability on Capital Gain ??
Your valued advice help me out to deposit the Tax in time, if any .
13 August 2018
Construction Completion Certificate is the date when your flat can be occupied. Acquisition date will be 07/02/2015.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
