We had booked a flat in 2004 in Tollygunj at Rs 1,350 a square foot. We paid an additional Rs 1,75,000 for covered parking space on the same premises.

The builder had not specified the parking space area. What is the minimum area allotted for parking space in a fully residential complex of nearly 100 flats? Could you tell us what should have been the price at that time?

Rita Roy

The minimum that a promoter should provide for car parking space is 120sqft. In the case of covered space, promoters tend to charge more. But it is difficult to say what the price should have been. It seems the promoter has charged at the same rate as the flat and a little more.

I am one of the flat-owners in a building of 20 apartments and have registered as a co-operative society.

When the flat was booked, the builder had promised us verbally that there would be a garage for parking two-wheelers and bicycles. For that, he has taken 20 per cent super built-up charges. But he has not provided the garage, security room and pump house.

We have also paid for the power transformer to be provided by the state electricity board.

I want to know which areas come under the super built-up area. What documents should the builder give us to establish that he has handed over the building to us?

Shyamal Mandal

The pump room and security room fall under the super built-up area, which takes into account the proportionate area under common spaces.

The promoter should give you the possession letter, the completion certificate and help you register the property.

I booked a flat in November 2004 and paid the final balance in March 2006. But I have not got possession of the flat yet, nor have I been asked to pay maintenance and other incidental charges that are payable on possession. Otherwise, the flat as well as garage space have been paid for in full.

If I sell the flat now, what will be my capital gains liability? Can I avoid it if I invest the money in capital gains bonds or in property?

Ananta Mitra

As you have not received possession of the flat, you are not considered the owner of the property in the eyes of the law for calculating tax. Capital gains tax is calculated from the date on which you get possession.

So if you sell now, it will be considered a trading activity. The profit from the sale will be added to your income and you have to pay tax accordingly.

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Sambit Saha, Business Telegraph, ABP Ltd,
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