Short term or long term capital gain tax ?
First of all .. I would like to thank you all for making everyone aware of financial knowledge and answering queries and helping all of us.
Let me start with my query about Short term capital gain tax, I have booked a flat in Jan 2013 by paying 10% amount of flat. Then Registration completed in Jan 2014 and Possession letter was given in Dec 2014. I have taken a home loan for the purchase and availed tax benefits for the same. Now I would like to sale that flat due to some liquidity crunch. I might sale it by Year end. Now please let me know
1) Will it be short term capital gain or long term capital gain (which date is consider to calculate the 36 months)
2) as I have taken home loan benefits will it be reverted if I sale before 3 years ?
3) agreement value will be considered while calculating gain ? or the registration+vat+tax+maintenance paid will be also considered
4) This property is join property and loan take is also joined, my wife's tax bracket is lower than me .. Can she claim entire STCG ?