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Capital gain on residential property

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2012 While computing indexed value of property purchased, whether date of booking / date of registeration / date of possession should be considered as date of purchase of property?

Whether society maintenance charges paid during the period of property under possession and also municipal property taxes paid, can be considered as expenses on property while computing capital gain tax?

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VIVEK SHARMA

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VIVEK SHARMA (Expert)
24 April 2012 Date of booking will be considered. In this regard, you can refer to the case,' Jagdish Chandra Malhotra versus Income Tax'.

No,society maintenance charge and municipal taxes are not considered.
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