pls help sir-short-term /capital gain
This query is : Resolved
09 December 2009
An assessee booked a flat on 01.01.06. The assessee got possession of the flat on 01.04.09. The asseessee sold the flat on 01.08.09. Whether profit on sale of flat will be treated as long-term capital gain or short-term capital gain?
Pls mail the relevant material in support of ur reply
Pls mail the relevant material in support of ur reply
09 December 2009
Short term capital gain as upto 01-04-09 the asset is as an advance (current asset) not a fixed asset
21 July 2010
Agreed.
For acquisition of an immovable property, relevant date to be considered is date of possession and not payment.
For acquisition of an immovable property, relevant date to be considered is date of possession and not payment.
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