28 December 2011
one of our client bought a house property in 2008 and took possession immediately. however the same was registered in 2010. property was sold in 2011.
if we consider period of holding from dt of possession then it is long term otherwise short term
29 December 2011
As per Sec 53A of "Transfer of Property Act 1882", date of possession shall be considered as date of transfer and so the property shall be considered as long term asset eligible for LTCG.
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