09 October 2012
According to my knowledge.It is short term capital gain, Because you purchased property in March 2010 and want to sold it on November 2012 i.e after 2 years and 8 months approx from the date of purchase i.e Not elapsed 3 years from the date of purchase to the date of sale. So Short term capital gain/loss.
I requesting Mr.G.Balakrishna sir if it is long term please explain me how it is long term because i want to know on which ways we have consider for long term or short term my main doubt is "in the query of Mr.GK sir's he clearly indicated according to the registered agreement property purchased on March 2010" i.e it is clear agreement is on March 2010 so on this basis i told short term. Please explain if i differ.
09 October 2012
Income tax laws/rules change yoy by great finance bills and by executive notifications. latest position is any property more than one year come under long term pls now. how long it is again depends on new bills by the finance ministry.
principle of income tax when money is realized is the day to be taken. means registration takes place when money got or given!
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