Capital gain for underconstruction flat
This query is : Resolved
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
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
21 July 2012
i) No
ii) No, have to wait 36 months from month of possession to become LTCG.
ii) No, have to wait 36 months from month of possession to become LTCG.
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21 July 2012
I am getting conflicting views on this . I will request more views on my query .
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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