Hi,
I need advise/clarification regarding sale of flat. I bought a flat in resale from original allotte. I executed sale deed on 15th Dec2010 and transfer from builder was completed on 18th Feb 2011. Original allottee had taken possesion of the flat in Sep2010.
After transfer in Feb 2011, I got the property registered in joint name (my and dads) in Sept 2011. The flat was bought at 55L + registration 3L. Assuming that the sale is for 85L, what would be the tax implication on it.
regards,
Amit