Buyer purchases an underconstruction flat from builder for 60lac. The stamp duty was paid (eg. 15lac) only on the undivided share of land and builder mentioned in sale deed that the flat is under construction and purchaser is getting the apartment duly constructed by the builder and purchaser owns the cost.
In one year, the flat consturction is complete and ready for posession. If the purchaser plans to resell the flat (eg 75lac) , what will be the tax liability. Will the STCG tax be calculated on ( 75 - 15) or ( 75 - 60) ?
Appreciate your help.
CAclubindia
