Capital gain for underconstruction flat

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Sunil (Querist)
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21 July 2012 Hi

I booked from builder under construction flat in Aug 2006 . It will be ready for posession in Oct 2012 . I want to know the following .

1) If I sell before possession , will the gain be LTCG ?

2) If I sell immediately after possession ( means after registry in my name ) , will the gain still be LTCG or I have to wait another 3 year after possession to avail LTCG ?

Please clarify .

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 July 2012 i) No
ii) No, have to wait 36 months from month of possession to become LTCG.

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Sunil

Sunil (Querist)
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21 July 2012 I am getting conflicting views on this . I will request more views on my query .

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 July 2012 My observation is based on the decision of Andhra Pradesh High court in the case of CIT Vs Shahzada Begum reported in 173 ITR 397.

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