Hi,
I had a query, please solve asap.
I had invested in an under construction property in June'05 which
was sold in Dec'07 as the possesion of the property was delayed.The
proceeds of the property sold was fully utilised towards prepayment
of the bank loan and towards purchase of another property. My CA has
asked me to pay tax @20% on the difference of the cost and the sale
proceeds.Query:
1) Is short term gain applicable when the proceeds have been fully
utilised in another property?
2) Is interest on bank loan not added to the cost of property since
the property was under construction? Also, can i add penal interest
applied by the banker for prepayment?
3)I need to pay the builder some money for transferring the name,
can that be added to the cost?
4) is there any way in which i can save tax?
Please help me as i need to pay the tax amt before 15th March 08.
rgds,
arpita
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