I was alloted an housing board flat by the state government under the lot scheme in 1988. I occupied the house and started paying monthly installments from 1990. All the installments where paid by year 2000 and the state goverment housing board authorities issued the sale deed in 2006.
Now if I sell the property what would be my date of acquisition? Date on which sale deed was issued or date of allotments of flat? It would make a lot of difference in the indexation cost.
13 August 2013
Date of allotment or possession will be taken as period of holding. Indexation will be available. If you search- you may find a notification in this regard also. . Against part performance of the contract the asset has been held by you and for IT purpose your ownership starts from that date. . What ever is paid later is just like payment made to a creditor. .