Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2012 Right to acquire a property held for more than 36 months when surrendered at a profit without acquiring property will be a short term or long term?
Pls advise. Tks

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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29 March 2012 Extinguishment/ surrender of the Right in an immovable property is "transfer" u/s 2(47) for the purpose of capital gain. once it is taxable under the head capital gains, we need to look at section 2(42A)for the purpose short term or long term.
sine the right in property is held for more than 36 months, it is taxable as long term capital gain.