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Tax on capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2010 I booked a flat by paying token amount and registering "Agreement for Sale" on 13 June 2007.
I paid the balance amount to the builder by taking loan on 11 November 2007 and took the possession of the flat.
But I registered the "Deed of Sale" on 5th May 2009.

Now I want to sell the flat.
If I sell it in December 2010, will the capital gain be considered as long term capital gain?
Please inform which date will be considered as the "date of purchase" for capital gain calculation?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
23 July 2010 Date of purchase will be date of possession of house.
In your case It will be treated as long term capital gain
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Querist : Anonymous

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Querist : Anonymous (Querist)
23 July 2010 what is considered as 'date of purchase' in my query above? Kindly also mention the date of sale.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
23 July 2010 date of purchase will be 11 November 2007 .
and you havew mentioned that date of sale is December 2010

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