11 June 2007
A house was purchased in 1980.Due to non-delivery of the same by the seller the assessee could'nt occupy it.Assessee bought it in the name of his wife, who is not an assessee.
A petition was filed which took many years to get it decided.Registration Charges were paid to the court in 1982.
Now, in the year 2006, dec. the verdict was in favour of the assessee asking him to get it registered.
Upon sale will it be a Short Term or a Long Term Capital Gain, if it is sold in Jan.2007
11 June 2007
The verdict will not apply retrospectively no matter registration charges were paid in the year 1982 because ownership was not transferred and there was no part performance regarding possession according to the Transfer of Property Act,1882 and hence it will be not be LTCG...
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