Hello,
Need you help in understanding the income tax for below property:
# I booked one apartment in Aug 2009 & the agreement between me and the builder was made on Dec 2009, apartment construction was not started that time,and handover date was April 2011. I have been paying the installments from last 2.5 years based on their progress. Possible we will get possession by Dec 2012.
# Still apartment is not ready and not registered on my name, and full payment is not made i.e. last 2 installents of total 6 Lakhs are pending.
# the cost of the apartment for me is 39 lakhs, and the current market value is 55 lakhs.
# If i want to sell the apartment now, i know that i have to pay short term capital gain on 55-39 i.e. on 16 lakhs. please let me know if it's correct.
# how long i need to wait so that i need to pay tax on long term capital gain, instead of short term. which date (date on whihc i booked the apartment or the agreement date) will be considered to calculate the period of 36 months for long term capital gain ?
# if the agreement date will be considered for calculation of period, them i can sell this flat after Dec 2012, if i do so, how much tax i need to pay, assuming the market value will be 60 lakhs of this flat ?
Many thanks in advance.
