Hi,
I need advise/clarification on tax implication on sale of under construction flat. I booked in flat on 7th July 10 for which allotment letter was issued on 10th Sept 10 for 35L.
The property is still under constrcution and not expected to be ready for possesion till Dec13.
If I sell the flat today at 55L, would I be able to take benefit of Capital Tax provisions. I intend to invest this in buying a new flat for 55L or more.
regards,
Amit