capital Gain

This query is : Resolved

sandeep (Querist)
Follow

05 July 2011 Hello Agarwal sir, iam again sending the query with dates and amounts.

my brother has purchased under construction flat in Nov.2006 on advance payment of Rs. 15 Lac. he paid Rs. 10Lac on Dec. 07, Rs.5Lac on Feb08, Rs. 7Lac on Nov.08,Rs.5lac on July 09 and balance Rs.5lac on Sep 2009.registration and stamp duty payment has been done on dec.2006.construction of the above flat has completed on Apr.2009 and he got possesion on Sep.2009. he has sold the above flat in may 2011 and purchased another flat in the same city.

1) would it be consider as long term capital asset(house proerty)?

2) can he claim exemption u/s 54.?

3) if no, can he claim exemption u/s 54F, on the basis, long term right sold in the above property?

because 54F exemption not available for residental house.

4)will situation be changed ?, if above flat sold before possession.

5 ) shall i have to consider possession date to decide whether it is long term house propty or long term capital right in property ?