Capital gain

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Supriya Prasad (Querist)
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06 July 2015 Sale of House property
Date of purchase - as per agreement - 19.06.2010
Purchase Value - Rs.47,00,000/-
Date of Possession - 15.04.2015
If I sell the house property today.
How will the Capital gain be treated - Short term or Long term?/

CA R SEETHARAMAN online

CA R SEETHARAMAN online

(Expert)
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06 July 2015 Date of purchase will be considered as per agreement, hence it is a long term capital gain.

CMA Gul S

CMA Gul S (Expert)
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06 July 2015 Please use the capital index of 711 that is applicable for 2010-11

Supriya Prasad

Supriya Prasad (Querist)
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11 July 2015 Thanks a lot for your opinion. had another opinion from an expert saying that only on possession do we start owning the house til then we only have a right over property and not the property as such. Also what will be the effect for pre possession interest

CA R SEETHARAMAN online

CA R SEETHARAMAN online

(Expert)
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11 July 2015 Pre possession interest include it in the cost of the asset for the purpose capital gains calculation.