Capital Gain

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This discussion addresses how to calculate capital gains tax when an official allotment letter from the builder is unavailable. The core issue is determining the correct acquisition date for calculating the holding period – whether to use the booking date or the registration date. The user seeks clarification on whether using the booking date would result in long-term capital gains or if the registration date is mandatory, leading to short-term capital gains.

Saroj Jyoti

Saroj Jyoti (Querist)
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04 February 2020 Dear Expert,

Please help me out for, how to calculate Capital Gain if allotment letter is not issued by builder or not exist?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 February 2020 Please give details of the transaction involving capital gain.

Saroj Jyoti

Saroj Jyoti (Querist)
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04 February 2020 Mr. X purchase Property for which details are as given below :

Condition : Purchase
The Value of Property purchased is Rs. 17,74,952/-.

1st Booking Amount of Rs. 1,00,000/- has been paid by assessee on dated 21/09/2009 by chqueq and balanced amount with some additional charges has been paid on Installment Bases till 30/11/2018.

The same Property get registered on dated 27/12/2018 and there is No allotment letter issued by promoter to assessee.

Condition : Sale
Now, Assessee sold this property on dated 20/05/2019 (date of Registration)

Consideration Value : 41,57,800/-
Stamp Duty : 30,000/-
Registration Fees : 800/- = 41,88,600/- (Sale Value of Property)

Now, the Query is, How to calculate Capital Gain on above said property?

1) Whether, Assessee should consider Date of Booking for calculating number of holding period for Acquisition of indexation for calculation of Capital Gain, as there is no allotment letter exist.

2) if assessee consider the date of booking for calculating number of period holding, then it will be Long term capital gain AND if he/she consider date of registration for number of holding period the it will be Short term capital gain.

3) It will be Long term capital Gain or Short Term Capital Gain?

Please Help for the same.

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