11 September 2009
A flat under construction is booked today by paying an advance and balance is payable over a period of two yrs then possession will be given. What will be position of long term capital gain realised today?
11 September 2009
U cannot realise long term capital gain today, as by defination a short term capital asset is one which is held for less than 38 months u/s 2(42A)
11 September 2009
There will be no capital gain as on today. Capital gain will arise for the year in which the deed is executed and the possession is given. till date the booking amount is an advance received.
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