Purchase of property

Hi,

I plan to buy an under construction property for 1.5cr. The original owner bought the same for 52 lacs and has paid all but 5 lacs. The possession is due in a few months. The registration cost will be 52 lacs (as per my understanding) and the possession will be given to me after I've settled all the pending dues. What are tax implications for me?

Thanks Punit

asked Feb 07 '12 at 11:01 by Punit 12


@ Punit

In the above case - your Cost of Acquisition would be the Price at which you pay the Stamp Duty. Lower the Cost of Acquisition - higher the Tax at the time of sale..

answered Feb 07 '12 at 18:37 by CA Karan Batra 53216

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Asked: Feb 07 '12 at 11:01

Seen: 1,208 times

Last updated: Feb 10 '12 at 17:11