Capital gain tax on sale of property

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Neha (Querist)
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06 September 2012 I am a PIO based in London. I booked an under-construction flat in Mumbai in 2007 (allotment letter signed in October 2007). I have done registration in August 2012 and haven't taken the possession. Now, if I want to sell it before taking possession, will it fall under Short Term or Long Term Capital Gain? Plz clarify.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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06 September 2012 Neha, there are two conflicting opinions on whether to treat the holding period from the date of agreement or the date of registration.

It is a very long concept to be discussed here.. I'd suggest that you contact a tax professional and get the things cleared.

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