20 March 2010
hello sir, our one client has paid 2 lacs for booking amount of flat in delhi which total cost rs. 40 lacs, and balance money payable by monthly EMI through bank, but he sell/transfer the flat to any other person he is liable for short term
20 March 2010
as per my view the period of holding will be considered from the date of transfer of ownership or date of possession whichever is earlier. the receipt of possession certificate is only a procedural aspect. if u sale the flat after 3 years from ownership/possession (w.e. is earlier) it will come under long term capital gain otherwise under short term capital gain.
CAclubindia
