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Capital gain

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03 November 2013 property under consideration was executed in the year 2006-07 but registered in the year 2007-08. Please state whether yhe cost of index shall be calculated from the year 2006-07 or 2007-08
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
03 November 2013 Normally, when one books a flat to be constructed, one pays a token amount as booking charges, a letter of allotment is issued when the layout is finalized and, thereafter, an agreement to purchase is executed and registered.

If you have merely booked a flat in the building to be constructed with no particular flat having been allotted to you, you cannot be said to have acquired the right to purchase a specific flat. It is only when the letter of allotment is issued that such a right can be said to have come into existence.
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