Cal. of Capital gain

This query is : Resolved

mahendra (Querist)
Follow

05 March 2009 Date of Purchase/ registration made 28/10/2005,

Possession get march 2008

Sale Date 20/11/2008

what is implication of date of possession in calculating Capital gain.

Thanks in Advance.

Thanks & Regards,
Mahendra.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
Follow

05 March 2009 In your case date of possession will not make any difference. You are owner of property since 28.10.2005 so this date will be considered for calculation the period of holding.

mahendra

mahendra (Querist)
Follow

06 March 2009 Dear Sir,

is there any judgement on my above query.
Pl's let me know.

Thanks & Regards,
Mahendra A. Pawar

Upgrade to CAclubindia Pro. Subscribe Now!

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)
Follow

17 March 2009 the query is not clear as to the nature of asset . if land was purchased and building constructed upon the same it will have to be presumed that the possession of the building will be given once the construction is completed. if that is the case the building is existing only from march 2008 . so building is short term and land long term. but the asset is only land date of possession of land is not relevant