12 September 2013
We had bought a flat in 2009 on installment basis & paid Rs.6250514/- towards cost, Rs.193140.89/- towards Service tax, Rs.172024/- towards Other Charges & Rs.326900/- towards admin expenses. we also paid VAT of Rs.82578/-, stamp duty -Rs.415700/- & Registration Charges -Rs.30000/-. (Total Cost -Rs.7470856) We registered the flat in March 2013 & sold it on August 2013. Our query is whether this gain will be treated as short term or long term as we have done the registration in 2013 & sold the same in few months. We have not taken the possession of the flat also. Also we have suffered a short Term Capital Loss in shares in AY 2013-14. Can it be set off against this gain? Kindly guide us regarding this.
12 September 2013
IF agreement was done between party to purchase then payment date will be considered as date of acquisition and if payment is made as a advance then registry date will be date of acquisition.
and yes you can take set off of other short term loss.
CAclubindia
