Hi Manish,
Thanks for providing very fruitful and handy information on capital tax gain and respective calculator.
Need your advise….
I bought a house in under construction society in Apr 2005 and upfront paid the builder approx 29 lacs (Downpayment sceheme). In 2007 (Aug), before getting the possession, I paid approx 1 lac for parking, maintenance and other stuff. Also, I spent 2.5 lacs for registry (10% stamp duty). Please note that the total cost of property is 29 lacs out of which 25 lacs was for property cost and 4 lacs was provided to builder (as separate agreement) for internal furnishing, white washing, etc.. Registry was done on the 25 lacs and not 29 lacs.
Query
a) What should be the purchase year since i paid the full amount in CY2005 and posession was in 2007?
b) Also, i spent 29 lascs in CY2005 and approx 2.5 lacs including stamp duty, parking etc. Therefore, how should I do the indexing.
c) It would be good if you can provide me how to calculate and what will be the final capital gain in this case.