Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2012
sir
i purchased a dda flat in 1993 by paying 2.5 lac cash from a dealer and get the possession. but no paper work is done at that time because this property is not at the dealer name at that time . dealer have paper of this property as security against the money as credit given by dealer to original owner. dealer trying to findout him.but till 2000 original owner becomes untraceable so dealer destroy original owner chain and purchase that property from previous owner in chain. then dealer make gpa in favour of me in sep 2000 by showing consideration amt 50000 on paper.
in between 1993 to 2000, i have paid dda flat pending installment with penalty by cheque.
after all this in 2010 i spend 68000 to get this property freehold. then i sale it in sep 2011 of rs 10,00,000.
please let me know what date of acquisition should be taken for calculating capital gain.
i purchased a dda flat in 1993 by paying 2.5 lac cash from a dealer and get the possession. but no paper work is done at that time because this property is not at the dealer name at that time . dealer have paper of this property as security against the money as credit given by dealer to original owner. dealer trying to findout him.but till 2000 original owner becomes untraceable so dealer destroy original owner chain and purchase that property from previous owner in chain. then dealer make gpa in favour of me in sep 2000 by showing consideration amt 50000 on paper.
in between 1993 to 2000, i have paid dda flat pending installment with penalty by cheque.
after all this in 2010 i spend 68000 to get this property freehold. then i sale it in sep 2011 of rs 10,00,000.
please let me know what date of acquisition should be taken for calculating capital gain.
Amol S Joglekar
(Expert)
01 August 2012
Basically you need to argue on the ground that the capital asset is "RIGHT of possession " in the immovable property.
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