If a House Property is purchase when under construction.... Advance paid while in construction & agreement entered in 2007.... Construction completed in 2008 & stamp duty was paid in 2008 along with the balance amount.... So wht should be the date of acquisition????
3 Replies
Satish
(CA Final Student)
(479 Points)
Replied 18 January 2010
Date of Completion of construction & taking possession is the best date of acquisition in any dispute. Completion certificate from local authority is the formality & procedure which may take a long time. Advance can not be treated as date of acquisition since there is no asset creation as on the date of advance.
C.Balaji
(Learner)
(1867 Points)
Replied 27 January 2010
Dear CA.Pooja Rane
According to Me, Date of Possession should be taken as date of acquisition.....
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