Long term capital gain for selling property

The relevant question which will help decide the nature of capital gain is: "What is the date of acquisition?" In this regard, there can be various views. One view can be the date when the initial advance is given by the intended buyer. The other view can be taking the date when allotment letter is issued to the intended buyer after the project has been properly described. Yet another view can be that the date on which the sale deed is registered, while still another view can be the date when the buyer agreement is executed and so on.

Tax authorities in India are taking a position on the basis of various judgments, that the facts of the case are given a priority to consider the availment. For instance, to qualify the investment in case of builder flats, the crucial date is the date of allotment of the residential flat and the payment of installment is a follow up action. Allotment is a sufficient compliance for getting the benefits, even if the taxpayer has not paid all installments due under the said scheme. The provisions of the section are a beneficial provision for promoting the construction of residential house. Thus, the date of issue of an allotment letter gives a right to the taxpayer (Intended buyer) to obtain conveyance on the said flat so that it becomes an asset within the purview of the Income-tax Act. The date of acquisition of the said flat shall be the date on which the allotment letter is issued to the intended buyer.

You must have got an allotment letter from the builder when you had made the payments in installments. Check the date of allotment letter. That date will be the date of acquisition. It will be the date somewhere in 2011 as substantial payment is already made. It will not be considered as a stcg. It is not the possession date or agreement date that will be considered but the allotment letter date that will be considered

Hope I m able to solve your doubt

agree with MS rinkal

In brief, as per sales act of india. sale is completed when title is transferred and possession is achieved. 

in your case it takes place in 2015. 

@ Ubaid:

No Ubaid. You don't agree with me. Refer to my post. I have clearly said the date would be 2011 and not 2015.

i mean i agree with wat u said....but there is also a possibilty to what i said 

No. That cannot be as many judgements are passed supporting allotment letter to be date of acquisition.

According to Income tax , Period of holding(in case of flat in a co-op society) starts from the "date on which right to become a member arises"

Right to become a member is so abiguous...maybe u can refer sales act here ? i am not sure 

Ya so allotment letter is nothing but a right to be a member only.

this is y i said i agree with you :D 

your welcome man :D