hi i purchased an underconstruction property in sept 2010 @10 Lacs now (feb 2012)the value of the property is 15 Lacs(property is still underconstruction. I plan to sell this property and purchase a new property with the money . Does this involve any tax implications??? Please help or is there any way to save the tax??
1 Answers
It would be a short term gain and whole profits (5 lakh) would be added to your taxable income and taxed as per your slab rates.
There is no way to save this tax.
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