Urgent: capital gain whether short term or long term
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2012
Dear All,
assessee has booked a under construction property in FY 2005-06 and paid Rs. 1.90 Lakh as booking amount. other cost related to the property acquired had been paid in fy 2008-09, fy 2009-10. Total amount paid towards the property is rs.1295340.
the sale of the property tool place in fy 2010-11 for rs. 2631000/-.
50% of property was constructed in fy 05-06 & fy 2006-07. however the property was made available after full construction somewhere in fy 08-09/fy 09-10.
NOW MY QUUESTION IS :
whether capital gain arose would be considered as long term capital gain (consideration cost of acquisition year 2005-06, the year in which booking amount of rs. 1.90 lakh was paid and remaining in later years)OR short term capital?
assessee has booked a under construction property in FY 2005-06 and paid Rs. 1.90 Lakh as booking amount. other cost related to the property acquired had been paid in fy 2008-09, fy 2009-10. Total amount paid towards the property is rs.1295340.
the sale of the property tool place in fy 2010-11 for rs. 2631000/-.
50% of property was constructed in fy 05-06 & fy 2006-07. however the property was made available after full construction somewhere in fy 08-09/fy 09-10.
NOW MY QUUESTION IS :
whether capital gain arose would be considered as long term capital gain (consideration cost of acquisition year 2005-06, the year in which booking amount of rs. 1.90 lakh was paid and remaining in later years)OR short term capital?
10 October 2012
I think you have to take the date of Purchase Deed.
A sale is completed when the property is handedover to buyer and full consideration is paid to seller.
Also please wait for others to reply
A sale is completed when the property is handedover to buyer and full consideration is paid to seller.
Also please wait for others to reply
10 October 2012
Yes . Year when the registration took place is for all practical purposes considered,even though property hand over date may be later.
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2012
Thank you.
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