Save capital gain tax

biren shah (Querist) 12 February 2012 This query is : Resolved
One party booked flat to builder. than give some pyt.(not full) . after than he decide to sale before complete pyt. and before agreement he sale flat and join as a confirming party.

Now Capital gain tax payble or not?

if yes- He purchase new residence and invest this capital gain than capital gain tax payle? (he is owner of 1 res. house)

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soumitra basu (Expert) 12 February 2012
The profit on this shall be treated as capital gain. The person shall be eligible to invest the sum in new residential house within the statutory period.

Shailesh Kr. Shah (Expert) 13 February 2012
He purchase new residence and invest this capital gain than capital gain tax payle? (he is owner of 1 res. house)

Answer: no requirement to pay capital gain since new house already purchased.

prabhakar singh (Expert) 13 February 2012
If the booked flat is being sold as confirming party with in 3 years of booking short term capital gain tax is attracted.

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