I booked a flat in 2010 and got possession in 2013. If I sell the flat now, will it attract capital gains tax? Which date is considered to be the purchase date?
Answered on November 08, 2017
Yes, tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration.
As far as rate is concerned, tax will be computed @ 20% plus surcharge (if any) on long term capital asset held for more than 24 months. While tax rate will be 30% plus surcharge (if any) if the asset is a short term capital asset.
As far as date of purchase is concerned, it will be the date on which purchase agreement is entered by you and the builder.
As far as rate is concerned, tax will be computed @ 20% plus surcharge (if any) on long term capital asset held for more than 24 months. While tax rate will be 30% plus surcharge (if any) if the asset is a short term capital asset.
As far as date of purchase is concerned, it will be the date on which purchase agreement is entered by you and the builder.
