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 09, 2017
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  • 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.
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