Urgent capital gain query
ABHIJEET PARIKH
(Querist) 05 September 2012
This query is : Resolved
Dear Taxperts and lawyers
Suppose if there is a flat which is for more than 3 yrs in the book of accounts later it was sold
Now it falls under Long term Capital Gains Later on I buy another flat (which settles previous flats gain but it is more costly therefore it is only booked for which allotment letter is given ) within one year
the flat is there in my book for 1 yrs and that the new flat bought is mentioned in IT return filing
but after 1 yr I am unable to pay the entire proceeds required to buy the new flat builder says he will sell it to other party and that allotment letter stands cancelled
My question is
1 What will be the Tax implication in such a situation
2 Will I continue to get d time frame 3 yrs from the sale of old flat
3 If I sell the new flat or surrender the new flat builder under distress and if there is no capital gain will i still be entitled to short term capital gain
ABHIJEET PARIKH
(Querist) 06 September 2012
Further inputs to the query Experts kindly respond
The said flat is for the investment but as i am unable to pay the further payment builder will sell it to someone else
I still have the Allotment letter the building is complete
Builder says he will pay me the monies back with certain reasonable appreciation Will these amounts Short term Capital Gains?
suppose immediately i buy new flat to adjust the gain of old flat mentioned in my previous query then does it amounts to addln income for that year and amount will be taxable in short how can i save on tax
