Sale of immovable property like flat
This query is : Resolved
02 December 2024
Scenario: Purchased a flat in 2011 but due to some issues with the builder the case went on to Supreme Court who appointed NBCC for construction of projects.
Now they handed over the possession and NOC of the flats in Mar 24. But registration will still take sometime, an year or so.
Question:
If we sell the flat now will the duration of holding of flat be counted from Date of Allotment (BBA issue date) or Date of possession and accordingly will it come under under Long term capital gain or short term capital gain.
Now they handed over the possession and NOC of the flats in Mar 24. But registration will still take sometime, an year or so.
Question:
If we sell the flat now will the duration of holding of flat be counted from Date of Allotment (BBA issue date) or Date of possession and accordingly will it come under under Long term capital gain or short term capital gain.
02 December 2024
How you made payment?
02 December 2024
Payment was done as per schedule of underconstruction. Eighty percent payment made in the first five years through bank loan and remaining twenty percent in next two years from self funds
Just wanted to check if the capital gains on sale would be classified as short term or long term
Just wanted to check if the capital gains on sale would be classified as short term or long term
02 December 2024
It will be long term based on 'Right acquired in a property' as asset. (if sold now).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- USE THE BANK ACCOUNT OF WIFE
- If ITC not claimed is there any issue
- Deemed rent on house property
- Commission from nepal
- FILLING OF 26QB FOR ONE SELLER AND 2 BUYERS-ONE BUYER REGISTERED AND OTHER ONE NOT REGISTERED
- SALE OF RESIDENTIAL HOUSE PROPERTY PURCHASE AN AGRICULTURAL LAND
- 60 days significance in defining a resident
- Search seizure
- REBATE UNDER SECTION 54 FOR SHORT TERM CAPITAL GAIN
- How and when to deposit tds on house rent
- Profit From trading in MCX Taxable income Rate?
- List of Exampted Allowance or head of income for salaried employees after 2025 budget
- Can we transfer or claim refund of Input tax credit of deceased proprietary business
- Place of supply or billing addres which applicable for tax
- The recent CBIC clarification via Circular No. 231/25/2024-GST dated 10.09.2024 itc Allowed demo car
- CSC centre individual bank transaction limit
- I need your guidance to register trademark in mumbai without help of agent
- Leaves on article ship
- Tax implications on withdrawal of EPF and NPS
- Misreporting of Input Credit of RCM as Normal ITC Year 20-21
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert04 February 2025
CAclubindia
