Long term or short term

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2013 i am purchase a flat and done Agreement to sale for Flat on Feb 2010 and i got pajestion of flat on jul 2011 & now i want to sale this flat in aug 2013 but till today i was not done sale deed of this. then is it short term gain or long term gain. and i was plan to purchase new flat can i exmption on this ??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 August 2013 Date of acquisition will be the date on which you gained possession, i.e., July 2011.

If an asset is held for less than 36 months, it will be short term capital asset otherwise long term capital asset.

In this case if the flat is sold BEFORE July 2014, it will be STCG.