Capital gain query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2012 a residential flat booked 2 or 2.5 years prior..only allotment letter is received ..the flat is not registered in the assessees name..whether sale of flat will result in capital gain or not? If yes then will section 54 benefit be available??

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 November 2012 The letter of allotment means that the possession has been handed over. Once the possession is handed over, the buyer becomes the owner.

Accordingly on subsequent sale of such property, capital gain shall arise.

Exemption u/s 54 can be claimed.

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