Capital Gain

This query is : Resolved

CA Kanwaljeet (Querist)
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20 March 2010 hello sir,
our one client has paid 2 lacs for booking amount of flat in delhi which total cost rs. 40 lacs, and balance money payable by monthly EMI through bank, but he sell/transfer the flat to any other person
he is liable for short term

CA. Deepak Narula

CA. Deepak Narula (Expert)
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20 March 2010 as per my view the period of holding will be considered from the date of transfer of ownership or date of possession whichever is earlier. the receipt of possession certificate is only a procedural aspect. if u sale the flat after 3 years from ownership/possession (w.e. is earlier) it will come under long term capital gain otherwise under short term capital gain.

more replies shud be awaited

CA PRIKSHIT GUPTA

CA PRIKSHIT GUPTA (Expert)
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20 March 2010 agree with mr. deepak. date of ownership/ possession (whichever is earlier) will be considered for holding of asset.

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