I got the possession of my flat in March 2007 (the possession letter was issued to me by the builder), but I got the registry done for this flat in Feb 2010. Now I plan to sell the flat in May 2012. What would be the holding period of this property. Would that come under short term or long term capital gains.
2 Replies
sumanth
(kacheguda)
(55 Points)
Replied 18 May 2012
it will be Long-term capital asset.
As registration is not considered.
KARANDEEP,CA,B.Com,CS FNL
(JOB)
(457 Points)
Replied 18 May 2012
under the head capital gain the period of holding is consider from the date of possession and not from the date of registry.
further this is coverd by the defination of transfer. this this assest is long term assest and if you wants to seel the same and if it is residential house propety than, for getting the exemption for this long term capital gain, invest or construct the house prperty or invest in the bond with in 6 month .
In case of investment in bond , maximum subject to 50 lacs
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
