Stcg on sale of flat

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2011 which purchase date have to be considered for calculation of STCG/LTCG:
1. Registration date while under construction
or
2. Possession date on completion of Construction.
any other if any... please specify with reasons and case law, if any...

Maninder Jain

Maninder Jain (Expert)
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14 December 2011 The criteria to distinguish between Short term & long term is "Asset held".

In my opinion the time of holding of asset starts from Registing the property in your name.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2011 means if i purchase an underconstruction flat on 1/4/2007 and register it on same day. Construction gets completed on 31/3/2009 and i get possession on same day. And now if i sell it on 1/4/2010, will it be STCG or LTCG??? please give me some case laws reference...

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CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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18 December 2011 IT IS LTCG. AS RIGHT IN THE CAPITAL ASSETS WAS ACQUIRED ON 1.4.2007. HOWEVER THE BETTER RIGHT WAS ACQUIRED ON 31.3.2009.