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Old March 15 2012, 02:39 PM   #11
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hello friends
I booked an apartment in 2008 ( clp plan) and it is still under construction ( have paid about 40 lacs). i want to sell it now ( expecting 72 lacs saleabale value) but i have no possession. my question is what will be the capital gains tax liabailty and are there any exemptions
thanks
shalu

 
Old March 16 2012, 02:11 PM   #12
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Quote:
Originally Posted by shalu73 View Post
hello friends
I booked an apartment in 2008 ( clp plan) and it is still under construction ( have paid about 40 lacs). i want to sell it now ( expecting 72 lacs saleabale value) but i have no possession. my question is what will be the capital gains tax liabailty and are there any exemptions
thanks
shalu
\


Yes there will be capital gain, unless you invest all the proceedings from the sale in a new property with 6 months of sale.
 
Old March 16 2012, 02:23 PM   #13
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Originally Posted by Indireal View Post
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Yes there will be capital gain, unless you invest all the proceedings from the sale in a new property with 6 months of sale.
I believe that applicable only for long term capital gain, sale after at least 3 years of possession.

Sale of under construction property would attract short term capital gain, wait for more experienced members to confirm
 
Old March 16 2012, 05:44 PM   #14
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- If you sell underconstruction flat, then the profit is considered as Short term capital gains if sold before 3 years from 'booking date' OR Long term capital gains if sold after 3 years from 'booking date'.

-If you sell after possession is given, then the profit is considered as Short term capital gains if sold before 3 years from 'possession date' OR Long term if you sell it 3 years after 'possession date'.

- Short term capital gains are added to your income and you need to pay tax as per usual slabs/rates.

- Long term capital gains tax rate is 20% which can be avoided if invested in the purchase of another house either one year before or within two years from the date of transfer, or used for construction of a house within three years of the date of transfer.

In your case since you booked in 2008, will be considered as Long Term gains.
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