I had booked an under construction property(multistory Apartment) on April-2010.
I had sold the property on May-2013.
The property has not handed over yet.
Please advice if the capital gain due to the sell of the property shall be taxed under long term or short term?
if any property is held for not more than 36 months immediately preceding the date of transfer it is called short term capital asset. otherwise it is called long term capital asset. since the property in your case is held for more than 36 months it shall be long term capital asset. however, you can get indexation benefit on cost of acquisition.
| Originally posted by : SUDIPTA SINHA | ||
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Dear Sudipta, Thanks for your reply. But incase the the property was not resistered yet. I had only booked the property in construction linked plan, and sold it before the hand over. (holding period was more than 3 years) May I know, in that situation also it is considered as a long term capital gain? |
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