I have sold an under construction flat which was purchased in Apr 2010 & sold in Aug 2012. Need advise of experts to arrive at tax calculation:
Purchase price: Rs. 51,72,204.00 (paid to builder)
Out of above, approx Rs. 39,00,000.00 Rs was financed by bank home loan & I paid interest of Rs. 3,53,073.00.
Sale value (as per agreement): Rs. 56,90,445.00
Brokerage & transfer charges: Rs. 2,77,305.00
What would be my income tax liability on this transaction - assuming I come in 30% income tax bracket & a salaried person?
Can interest paid on loan amount be added to purchase cost since I did not claim interest deduction benefit as property was still under struction?
CAclubindia
