Easy Office
LCI Learning

Capital gain

This query is : Resolved 

(Querist)
26 May 2015 Eg.
Mr.A sold on 15.03.13 the flat which arise a long term capital gain against which he invested in New flat on 26.06.2014 & claimed DED.u/s 54.
date of agreement 26.06.2014
date of registration 26.07.2014
date of allotment 26.09.2014
date of possession 25.11.2015.
now Mr.A sell the above flat on 25.06.2016
the gain arise on sale of new flat will be short term or long term???
for the purpose of computing days for long term or short term which date should be consider i.e.date of agreement,date of allotment, date of registration or date of possession???

26 May 2015 54(1)(i) and 54(1)(ii)
if the new asset is transferred within a period of 3 years

My request would be....no need to get confused with DATES...as all the dates you mentioned fall within a period of 3 years, in case of new asset.

(Date of completion certificate by Local Authority is considered in most of the cases where the building id under construction. In your case you can resort to section 53A of the Transfer of Property Act and take date of agreement i.e. 26/06/2014 as the date.)

ali (Querist)
28 May 2015 is there is any case law regarding the matter??




28 May 2015 so far as your case is concerned, you intend to sell the NEW asset within a period of 3 years is for sure. Hence I think no case law is needed for the same.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries