Hi All,
Certain issue I came across, hope will get resolved here !!
My freind had just registere himself to buy a flat from Unitech, the construction had just started, possession of which expected to be delivered after 3 years. Meanwhile he got a new buyer to whom he sold that right over the flat.
Now My question here is that 'shall it attract capital gain' ? As the section 45 says only about the capital asset, given here is that the possession was not given, property was not in existence.
Please come up with case laws, if any.
CAclubindia
