01 September 2024
Respected Sir, My son, NRI has booked a flat in Hyderabad with a reputed builder. In the next 3 months, builder may offer possession. However, there is a provision in the agreement that if any one who booked flat wishes to re-assign, transfer his booking to other person before registration, he can do so by paying certain fee. Point is that: while booking, more equity is invested apart from a portion of loan from a Public Sector Bank. For example-50 lakhs is equity, 40 lakhs is loan. Now, the offer from a prospective buyer is for 180 lakhs. Out of which 40 lakhs will go towards bank loan. Balance will be paid the existing flat holder either thru cheque or RTGS or so.. I would like to know, how the difference amount of 90 lakhs will be treated as per the ITax and Capital gains tax guidelines. Please guide. In this case, it is transferring the booked flat in the books of the builder prior to registration and hence, no transfer of capital asset.
CAclubindia
