My Query is
Property purchased in 2006-07 for15 Lacs
Registry expenses incurred in 2008-09 (23.03.2009)2 Lacs and get registration.
Sold in 2011-12 for40 Lacs.
My question is : How to compute the period for Long term or short term???
Regards
Hammad
7 Replies
Z
( )
(2965 Points)
Replied 31 December 2011
Sale for the purpose of sec 54?
For the purpose of section 54, the date of agreement to purchase should be taken as the date of purchase and the date of registration of sale deed for purchase is not relevant - CIT v. R.L. Sood
Date of taking over possession of property purchased, and not the date of registration of sale in favour of the assessee, is relevant for computing the prescribed time-limit - CIT v. Mrs. Shahzada Begum
Accordingly you can compute the nature of the capital gain
I think LT
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 31 December 2011
Date on which possession of property has been taken, is relevent date.
So I think Year 2066-07 should be taken.
Mohd. Hammad
(CA Article )
(103 Points)
Replied 31 December 2011
Thanks for the kind support both of you!! As per the comments property considered as long term and LTCG is Rs. 301060/-. Please confirm!!
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 31 December 2011
yes i also think there will be long term
Shivank Khanna
(B.Com CA Final)
(162 Points)
Replied 02 January 2012
Please see the calculation of capital gain and correct if wrong.
Attached File : 90139 898065 capital gain calculation.xlsx downloaded: 180 times
Mohd. Hammad
(CA Article )
(103 Points)
Replied 02 January 2012
Dear Shivank,
Thanks for your workings. In my opinion It is correct in case of Individual having age less than 60 years.
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