Dear Sir,
Question 1) I have purchased a flat & paid stamp duty & registered the purchase document on 24 august 2007 I wish to sell the same now. To avoid short term capital gain, what is the date to be taken in account? Also assuming that 3 years complete after 25 august 2010, can I start accepting part payment in june / july & register the sale agreement on 25 august 2010. Will it amount to short term capital gain or long term??
Question 2) I have booked an under construction flat in July 2006 @ Rs 4200/= sq feet. I have paid 80% payment to the builder but the purchase document is not yet registered as the construction has not got over yet & will take another 1 year.
What will be capital gain if I plan to sell the under construction flat @ Rs 6200/= per sq feet now.
Alternatively can I register the purchase document now after I sell the above flat in query no 1 even though I don’t use the funds received from sale of flat in query no 1.
Regards
Deepak
