How profit earned on a flat booking taxed?

I had booked a flat in the year 2007. After that construction started. The construction is now complete. I wish to sell the same to a buyer even before the flat being registered in my name, i.e. the sale deed will be between me, the builder, and the buyer, which will be executed in Feb 2012. I will earn some amount from this sale. How the income tax will be levied on this transaction. Whether it will be a capital gain, and if so, short term or long term?

Please help me in buying and selling of shares (type of order).?

I had 10 PNB shares in my demat ac. i checked (allcated ) those share for sale. Then filled the sell order form. while filling this form one has to choose from delivery or intraday. By mistake or better is by ignorance i chose intraday option instead of delivery. As result my broker SBICAP securities purchased 10 more share at highest value and sale those share at market price. And my demat share were as it is. is it the procedure and rule please explain me as well as what is intraday . Thanks.

Do I continue paying mortgage after short sale has started. How bad will by credit be affected?

Regarding your credit the damage can be greatly limited…

By working with a private investor it is possible to sell your home via a short sale with no negative impact on your credit. Private investors usually are not set up or allowed to report at all.

They may be able to purchase your loan from the bank. If so they can allow you to sell your home by forgiving enough of the loan balance to allow the sale to close at no cost to you.

Private investors typically do not report to the credit agencies. You can get this confirmed ahead of time by asking them. I purchase these loans and do not report. Thus, while the investor owns your loan no more adverse credit reporting will occur.

That means no more late payments reported until the close, and no short sale on your credit after the close. Frankly, this little-known approach could be a God-send for many.

You can see if your home qualifies to be purchased by a private investor here:

what is loan defaulting or mortgage defaulting?

Real Estate Agent's usually refer to it as an NOD (Notice of Default) and basically that means that the owner of the home has basically stopped making mortgage payments or is paying very late. Basically the home is about to be in foreclosure, you should try having a short sale before the bank takes the home away. Short sales are basically a sale that has to be approved by the bank. This will look better on your credit report than a foreclosure. Foreclosures will stay on your credit for 10 years and Short Sales stay for about 2-3 years.