Capital gain will arise or not in these case.
This query is : Resolved
23 February 2012
My client has purchased an office in the year 2008, But still the possession letter and Occupation Certificate is not taken by him and now he is selling the office so will he attract Capital Gain.
advise!!!
advise!!!
23 February 2012
Cost of Acquisition may be indexed with reference to the date of Possession Letter and arising capital gain will be Long term as the asset is held for more than 3 years.
.
.
23 February 2012
Respected CA Paras Bafna Sir,
But sir,
It is not my asset as the possession letter and Occupation certificate is not obtained
But sir,
It is not my asset as the possession letter and Occupation certificate is not obtained
23 February 2012
Mr.Ganu, the definition of capital asset includes sale, exchange or relinquishment of the asset or the extinguishment of any rights therein etc., In your client's case, even-though he has not taken possession or occupancy certificate, he will definitely have a right on the property which he will be relinquishing on sale of the same. Hence capital gains shall attract. Due indexation, as suggested by Bafna sir, can be considered wherever applicable.
23 February 2012
Dear Ganu,
I am of the firm belief that while reading the query- " Possession letter has been received but Occupation letter has not been received. was read by me.
.
May be it's my confusion or something else ???
.
I am of the firm belief that while reading the query- " Possession letter has been received but Occupation letter has not been received. was read by me.
.
May be it's my confusion or something else ???
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- CCFS 2026 Schemed
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
