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Capital Gain

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2011 An Assessee has made the following transactions on respective dates:
Booking of flat - June 2003
Getting Allotment letter from builder - July 2003(paid 25% of total amount till this date)
Paid the last installment of the flat - June 2006
Got the possession of the flat - Feb 2007
Got the sale deed registered of flat purchased from builder - March 2007
Sold the same flat - March 2008.

Based on the above info, whether the capital gain on the sale of flat is Long term or Short term????
Quote case law if any....
Please post the reply soon, its urgent

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 January 2011 U/s 54, there is a condition so as to the property of income must be chargeable under the head Income from House Property
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Accordingly the income can be charged to IFHP only after receiving possession i.e.
Feb 2007.
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The Gains as such will be Short Term.
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I do not feel any need to quote any case law, as law itself is very clear in this regard.
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