Gift from father and capital gain tax on undre construction property
Query No 1 -
My Father has sold Inherent property of INR 10.20 Lakh in August 2017 and he paid whole amount
in my home loan to clear my debt and it is already shown in my Father ITR for AY 2018-2019 and now my question is that total my father repay part payment of my Home Loan of INR 11.00 Lakh from that amount and I want to show that whole amount in my ITR as exempted income ( Gift from Father ) so that amount should be accounted in ITR so is it possible or I have to shown this as family loan from father and interest paid to my father .
Query no 2
I have booked a 3 BHK flat @ 25 lakh in April 2011 in under construction phase and now I got registry of my Flat on July 2018 . I paid all installment for flat as per Construction link plan as per demand generated by Builder from time to time . Now I want to sell this flat @ 45 Lakh so kindly advise me in my case Long Term Capital gain tax benefit will be applicable to me or not ? Indexing will be calculated as per payment made by me to Builder because total 12 installment i given to builder from 2011 to 2018 .
If short term capital gain tax will be applicable on my case than kindly confirm Home Loan interest of 10 lakh will be added in my flat costing or not because for under construction property home loan interest benefit is not given by Income Tax department . I also paid around 1.5 lakh service tax to builder than this will also costing of my flat so kindly advise.
in my case after registry what will be applicable LTCG Tax or STCG Tax kindly advise.