I was allotted a residential plot by HUDA in 2002, The allotment letter clearly stated that " the possession is here by offered". I was not aware that I also had to take a posession certificate from HUDA. I plan to sell the plot in 2009 and plan to complete the formality of collecting the possession certificate. Would the sale qualify for LTCG as per; "
(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature In referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882) "; of I T Act is given u/s 2(47A) which under clause (v) recognise part performance as transfer of capital asset. Regards Chetan
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