Respected Sir/Madam,
here is the situation for which i need some clarification. Any genuine answer is highly appreciated.
1. i bought a flat i.e. did an REGISTERED AGGREEMENT TO SALE in June 2006 in PUNE for around 42 lakhs. It was on AXIS BANK LOAN mostly : 38 lakhs loan and 4 lakhs from my pocket. I stared paying my EMI from July 2006 onwards.
2. I got a TEMPORARY LICENSE to OCCUPY the PUNE FLAT form the builder on Jan 2007. The builder did NOT GET COMPLETION CERTIFICATE and so he gace a TEMPORARY LICENSE to occupy in Jan 2007.
3. I bought another flat on loan in BANGALORE in June 2009. This was registered on June 2009. This was again on home loan mostly 52 lakhs and 5 lakhs from pocket. The total amount was aorund 57 lakhs.
4. I sold the PUNE flat in August 2009 for around 52 lakhs and closed the bank loan. This was a DEED OF ASSIGNMENT made on August 2009. And whatever amount i made i put into the loan for the BANGALORE FLAT and my father's treatment.
So, my question is:
1. is the income i made from selling the PUNE flat LTCG ? And what is the period of holding calculation for the flat ?
2. Is it from the date of REGISTERED AGGREMENT to SALE ie. June 2006 or from Date of Temporary license being granted to myself ie. Jan 2007 ?
3. what is the indexation factor and how much taxes would i need to roughly based on above figures.
Any help is highly appreciated.
