Sale of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2014 Hello,
I Sold A Property recently which was purchased by me from a builder firstly through agreement to purchase and then through purchase deed. now when i calculate capital gain on my sale, if i consider purchase date as per agreement of purchase deed, long term capital gain is applicable and if date is considered as per purchase deed short term capital gain is applicable, which purchase date i should consider and and which legal act is applicable for the same?

Nitin Bhuta

Nitin Bhuta (Expert)
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27 May 2014 If agreement to purchase is a registered documents then you can consider the said date for determining capital gain but if not then purchase deed would be considered for determining the holding period. Issue is extremely contestable and it can go upto HC level if Assessing Officer takes narrow view. It is recommended to use strategy based on the facts of the matter