Hi,
I am in the process of buying under construction flat from investor who buy this flat from Developer/Builder for 45Lacs (Agreement Cost) in Jan-15 (stamp duty also paid by him)
Now investor is selling his flat for 70 Lacs (Agreement Cost) to me, which mean investor is liable for paying tax on capital gain of Rs 25Lacs (as he is selling within 2 yrs)
Here for saving his Tax, he is planning to make an Amenities agreement (between Investor and Developer/Builder) for 15 Lacs, and also adding below clause in my agreement.
"The Transferors also confirm that they will pay the balance due of the amenities agreement dated Jan-15 executed between Transferors and the Developers and that the Transferees shall indminified by the Transferors against such payment to be made by the Transferors to the devlopers"
Below are my doubt:-
1. Is this Amenities Agreement is going to reduce my Flat cost to 55 Lacs (71-15)
2. If i sell this flat in next year for 71 Lacs, than what is my Capital Gain : 1Lacs (i.e. 71-70) or 16 Lacs ( i.e. 71 - 55 )
3. Is this safe for me.
I Already visited TAX consultants who told me that there is no impact on my Flat Cost, but i still need Experts advise, Pls Help
Regards
Satish
