Dear All
1. Original Cost of my house Rs 35L, that I paid to Builder (no loan).
2. I spent Rs3 L for wooden wardrobes and other fitting -fans & geysers, I have NO bills for this Rs3 L
3. So my cost is Rs38L
4. If I sell Rs 37L (loss Rs 1 Lakh)
5. Sales Agreement date 17.08.2013 . Possession date June 2014 . Sales date will be 12.04.2017
6. Please let me know
(1) whether this deal is short term OR long term
(2) what would be CG tax rate?
(3) I have NO bills of cost for improvement
(4) CG tax is calculated on DIFF between (4a) Rs39L minus Rs40L OR (4b) on Rs39L minus Rs37L
(5) HOW I can prove this deal is a LOSS of Rs 1Lakh?
Adv Thanks
reg
Balaji Subbu
CAclubindia
