06 September 2012
I am a PIO based in London. I booked an under-construction flat in Mumbai in 2007 (allotment letter signed in October 2007). I have done registration in August 2012 and haven't taken the possession. Now, if I want to sell it before taking possession, will it fall under Short Term or Long Term Capital Gain? Plz clarify.
06 September 2012
Neha, there are two conflicting opinions on whether to treat the holding period from the date of agreement or the date of registration.
It is a very long concept to be discussed here.. I'd suggest that you contact a tax professional and get the things cleared.
CAclubindia
