19 December 2015
ASSESSEE HAS SUBSCRIBED FOR A PROPERTY IN F.Y. 2011-12 (LET US SAY PROPERTY 'A' AND THEN THE BUILDER HAS TRANSFERRED THE SAID AMOUNT DEPOSITED TO SOME OTHER PROPERTY (SAY PROPERTY 'B') . PROPERTY 'B' WAS SUBSCRIBED IN F.Y. 2013-14. (BOTH PROPERTIES SUBSCRIBED WITH THE SAME BUILDER). THE CAPITAL RIGHTS OF PROPERTY 'B' HAVE NOW BEEN SOLD BY THE ASSESSEE i.e IN F.Y. 2015-16 AND ACCORDING TO HIM THE GAIN ARISING ON THIS TRANSFER IS LONG TERM CAPITAL GAIN BUT ACCORDING TO ME IT IS SHORT TERM CAPITAL GAIN. CAN ANY BODY SUGGEST THE CORRECT TREATMENT???????
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