Capital gain tax
This query is : Resolved
04 August 2011
I had booked a residential site for five lakhs and paid full amount in 2008 to a housing society. After 3 years now the society allotted me a site and now I have to pay registration fees and get registered. If I sell site after registration should I pay capital gain tax?. For IT purpose which date will be the date of purchase, amount paid date or registration date.
04 August 2011
Hi,
As per transfer of property act, if you have made full payment for property to the seller and you have a right to use that property without registration without any objection from seller side, then, date of purchase will be in 2008, but if you can use that site after registration only, that purchase date will be registration date.
As per transfer of property act, if you have made full payment for property to the seller and you have a right to use that property without registration without any objection from seller side, then, date of purchase will be in 2008, but if you can use that site after registration only, that purchase date will be registration date.
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