Capital gain
This query is : Resolved
CA Ayush Kacholiya
(Querist)
15 November 2012
What if assessee holds right to purchase the flat in the under-construction building and before getting its possession the aforesaid rights in flat is sold by the assessee after 36 months of holding the same right ??
What if the AO treats the same as Short term capital gain ??
What if the AO treats the same as Short term capital gain ??
CA SAYANTAN BASU
(Expert)
16 November 2012
Dear sir ,
Physical delivery is not important .when any body is holding the right of the asset then he will be treated as a owner . So in this case when he is selling after 36 months then it will definitely the LTCA .... . So the right will be treated as long term capital asset. So it will be treated as LTCG .... and the cost of acquisition should be calculated ....
Physical delivery is not important .when any body is holding the right of the asset then he will be treated as a owner . So in this case when he is selling after 36 months then it will definitely the LTCA .... . So the right will be treated as long term capital asset. So it will be treated as LTCG .... and the cost of acquisition should be calculated ....
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