modi kamal (business) 17 July 2013
Dear all,
I have book a flat about 2 1/2 years ago. Registration of flat was done 1 year ago.I am going to possession in 3 months.
Now I want sell this flat & buy another flat in another locality.As of today, there is profit of about 15 L.
Can I get cost indexation of flat If I sell the flat after 6 months?If not, what are Tax implication?
Kindly help me out.
Thanks.
Kamal Kumar
Vallabh Parmar (Advocate) 18 August 2013
When you book a flat then you get right to possession of such flat which is a capital asset . and when you sale such flat after three years from date of booking then gain will be Long term capital gain and entitled for indexation on basis of payments made . and if entire capital gain is invested in purchase of new flat then entire capital gain is exempted us 54 of I T Act
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