Capital gain tax on property
This query is : Resolved
11 July 2012
I am a PIO based in London. I bought a flat in Goregaon East in 2007. The project is ready but I haven't taken the possession yet. If I seel it right now wothout taking possession then will I fall under Long Term Capital Gain category? And, If i take possession and then sell, then will I come under STCG category? and if i do the registration formalities but do not take possesion then which category of tax will i fall into?
CA Lokesh Pokharna
(Expert)
11 July 2012
under capital gain- it will be treated as long term capital gain... bcoz actual possession not necessary.... wait for other views...
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