Dear All,
Please help me with my dilema on Capital Gains: The case is as below:
I had booked a flat in joint names of my wife and myself by paying 90% (19,72,500) downpayment in August 2004 fo which I have a sale agreement to that effect. Then in July 2007 I paid the remaining 10% 1,97,250 along with maintenance costs, car park, govt deposits etc (total cost of the flat so far is 27,82,936/- for which I have the receipts and cheque copies. I took possesion on the flat in May 2008 and got the sale deed registered in March 2010 with guidance value on the deed showing 24,66,840 plus 1,91,000 stamp duty.
Almost all of the funds used to purchase this flat is from my NRI funds as I was a NRI during from 1999 to 2007 and still continue to be an NRI but been here in Bangalore from 2007 onwards and will be leaving soon by end December.
Now I am planning to dispose the flat and have got an offer of75 lakh, I want to know what are my tax implications, what document will the tax calculation considers (if agreement its long term whereas Sale Deed it will become short term capital gains) How much will I land paying tax, is there any way to minimise tax. What is the best way to repatriate my funds abraod when leaving and how do I go aboout..... piff!!!!!!!!! so many doubts, so little knowledge :(
Please educate me as a four year old as am too scared with these tax things even to understand..... professionals like you all will continue making our lives easier with your valuable knowledge sahring. Thanks a lot in advance to one and all for considering my query for a response.
In dilema, Naveen.
CAclubindia
