Capital gain

This query is : Resolved

Hirachand Chheda (Querist)
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12 September 2013 We had bought a flat in 2009 on installment basis & paid Rs.6250514/- towards cost, Rs.193140.89/- towards Service tax, Rs.172024/- towards Other Charges & Rs.326900/- towards admin expenses. we also paid VAT of Rs.82578/-, stamp duty -Rs.415700/- & Registration Charges -Rs.30000/-. (Total Cost -Rs.7470856) We registered the flat in March 2013 & sold it on August 2013. Our query is whether this gain will be treated as short term or long term as we have done the registration in 2013 & sold the same in few months. We have not taken the possession of the flat also. Also we have suffered a short Term Capital Loss in shares in AY 2013-14. Can it be set off against this gain? Kindly guide us regarding this.

Nitesh Parmar

Nitesh Parmar (Expert)
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12 September 2013 IF agreement was done between party to purchase then payment date will be considered as date of acquisition and if payment is made as a advance then registry date will be date of acquisition.

and yes you can take set off of other short term loss.

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