Capital gain
This query is : Resolved
26 May 2015
Eg.
Mr.A sold on 15.03.13 the flat which arise a long term capital gain against which he invested in New flat on 26.06.2014 & claimed DED.u/s 54.
date of agreement 26.06.2014
date of registration 26.07.2014
date of allotment 26.09.2014
date of possession 25.11.2015.
now Mr.A sell the above flat on 25.06.2016
the gain arise on sale of new flat will be short term or long term???
for the purpose of computing days for long term or short term which date should be consider i.e.date of agreement,date of allotment, date of registration or date of possession???
Mr.A sold on 15.03.13 the flat which arise a long term capital gain against which he invested in New flat on 26.06.2014 & claimed DED.u/s 54.
date of agreement 26.06.2014
date of registration 26.07.2014
date of allotment 26.09.2014
date of possession 25.11.2015.
now Mr.A sell the above flat on 25.06.2016
the gain arise on sale of new flat will be short term or long term???
for the purpose of computing days for long term or short term which date should be consider i.e.date of agreement,date of allotment, date of registration or date of possession???
26 May 2015
54(1)(i) and 54(1)(ii)
if the new asset is transferred within a period of 3 years
My request would be....no need to get confused with DATES...as all the dates you mentioned fall within a period of 3 years, in case of new asset.
(Date of completion certificate by Local Authority is considered in most of the cases where the building id under construction. In your case you can resort to section 53A of the Transfer of Property Act and take date of agreement i.e. 26/06/2014 as the date.)
if the new asset is transferred within a period of 3 years
My request would be....no need to get confused with DATES...as all the dates you mentioned fall within a period of 3 years, in case of new asset.
(Date of completion certificate by Local Authority is considered in most of the cases where the building id under construction. In your case you can resort to section 53A of the Transfer of Property Act and take date of agreement i.e. 26/06/2014 as the date.)
28 May 2015
so far as your case is concerned, you intend to sell the NEW asset within a period of 3 years is for sure. Hence I think no case law is needed for the same.
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