11 May 2013
My property was under construction when i paid my first installment on 23/03/2009. I got this property registered under my name on 04/04/2009 but the possession of the same was received on 14/02/2013. So will the sale of this property qualify for Long term capital gain?? Please answer my query as early as possible...
11 May 2013
WHEN YOUR PROPERTY REGISTERED IN YOUR NAME THEN YOU ARE ACTUAL OWNER OF THAT PROPERTY, (AS PER PROPERTY TRANSFER ACT). AND DEEMED OWNER DEFINATION IS ONLY IN SITUATION OF INCOME UNDER HOUSE PROPERTY HEAD SO 04.04.2009 IS THE DATE FROM YOU BECOME LEGAL OWNER OF PROPERTY. AND LONG TERM CAPITAL ASSETS IS THOSE ASSETS WHICH HELD FOR MORE THAN 36 MONTH IMMEDIATELY PRIOR TO ITS DATE OF TRANSFER.
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