Capital gain & earnest money payment
This query is : Resolved
22 January 2016
We had paid earnest money on 01.04.2012 for purchase of Flat. The sale deed was made on 01.12.2012.
The aforesaid property was sold on 30.04.2015.
whether cost of Acquisition will be calculated from the date of payment of earnest money ?
Can i take benefit of exemption under Section 54 ?
The aforesaid property was sold on 30.04.2015.
whether cost of Acquisition will be calculated from the date of payment of earnest money ?
Can i take benefit of exemption under Section 54 ?
23 January 2016
Please read the article of CA Sandeep Kanoi which contains case laws and references related to your query -
http://taxguru.in/income-tax/taxability-capital-gain-sale-construction-property-nature-gain-date-indexation-availability-benefit-section-54-54ec.html
http://taxguru.in/income-tax/taxability-capital-gain-sale-construction-property-nature-gain-date-indexation-availability-benefit-section-54-54ec.html
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