if the cost of improvement is incurred on two dates
1. more than 3 years from the date of transfer
2. within 3 years from the date of transfer
Whether the transfer of such property be treated as LTCG OR STCG
11 Replies
Sandeep Pandey
(CA FINAL)
(1306 Points)
Replied 18 November 2009
It will be both LTCG. Acquired date is the date which classify the Asset is either STCG or LTCG. The improvment date does not matter when it is occuered..........................it should be LTCG only
Jobin Mathews
(Student)
(42 Points)
Replied 18 November 2009
Mr.Sandeep is right.
Acquisition date is the date for consideration for deciding whether an asset would qualify for LTCG or STCG. Cost of Improvement is indexed and dedcuted for calculation of capital gains.
Akshay Garg
(consultancy)
(59 Points)
Replied 18 November 2009
It is LTCG in both case. For eg. If date of purchase of asset is more than 3 years and date of improvement is in the same year in which asset is transferred then also it is a LTCG.
Parul Negi
( CA Final Student)
(175 Points)
Replied 18 November 2009
| Originally posted by :Sandeep Pandey | ||
| " | It will be both LTCG. Acquired date is the date which classify the Asset is either STCG or LTCG. The improvment date does not matter when it is occuered..........................it should be LTCG only | " |
Agree with Sandeep.
Its date of Acquisition that clasiifies whether the asset is LTCG or STCG.
The Harshit Aggarwal
(B.Com(H) ,CS Final)
(5278 Points)
Replied 18 November 2009
| Originally posted by :Sandeep Pandey | ||
| " | It will be both LTCG. Acquired date is the date which classify the Asset is either STCG or LTCG. The improvment date does not matter when it is occuered..........................it should be LTCG only | " |
Agree with Sandeep
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 19 November 2009
As per provisions date of improvement doesnt matter at all while deciding wheter an asset is a Long term asset or short term asset. Date of acqusition of asset is important.
Krutesh Patel
(ACA)
(727 Points)
Replied 19 November 2009
It will be long term capital gain. The period shall be taken from date of aqusition. The date of improvement exps is not important
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