08 August 2009
Mr A has booked a flat with the builder 3 yrs back i.e 2006 nd got possession 1 yr back i.e 2008 whether the period of three years for treating as a long term asset should be counted from date of payment to builder or date of possesion of flat for working out capital gains tax on sale of said property ?? Plz can ny1 help me on this topic...
09 August 2009
As per section 2(47) transfer mean allowing of the possession of any immovable property. Therefore date of possession shall be taken for calculation of capital gain.
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