I booked a flat under construction in July 2004. The construction started in May 2005 with a three-year clause for completion i.e. in May 2008. However, till date the construction is not completed and registration is expected in the next two months. Now, if I sell the flat, will I be liable to pay long-term or short-term capital gains tax? The three year lock-in period for capital gains is taken from which date?
The sale would be a short term capital gain and taxed accordingly. The three-year period would be from the date you are owning the residential flat and not the date of your booking it.
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How is Long-term or Short-term capital gains tax applicable >> 
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How is Long-term or Short-term capital gains tax applicable
by cherry » January 8th, 2010, 12:54 am
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cherry - Posts: 118
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