21 October 2010
One of my client had bought a residential flat by making advance payment towards booking amount and entering into an agreement to sale with builder for which he received possession after 5 years after completion of construction and full payment of unpaid amount. Now he wants to sale this flat. What shall be the date of acquisition for same and what will be the capital gain whether short term or long term?
21 October 2010
first advance and agreement for sale will be considered and the year of acquisition will be of 5 years back when the first advacne is made.
CAclubindia
