tax on underconstruction property

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??

asked Feb 05 '12 at 23:29 by ashishg 111

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.

answered Feb 10 '12 at 16:32 by Pankaj Batra 5.2k320


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Asked: Feb 05 '12 at 23:29

Seen: 1,456 times

Last updated: Feb 10 '12 at 16:32