Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2012 What will be capital-gains-tax treatment If one sells his/her under-construction property bought from Builder under construction-linked-plan, before possession ?before and after 3 years from the date of allotment/flat buyer agreement.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

11 December 2012 "right in immovable property" is also a capital asset. The period of holding is 36 months for short term / long term. Section 54 and/or 54F exemption may not be available.

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2012 to be more specific ,I had booked a 3 BHK apartment with a builder as per his payment terms on Jan 20th '2010.The builder issued me allotment letter on April 14th '2010 but builder-buyer-agreement was signed on June 4th '2010 only.Possession is due in 6 month-1 yr period.
From when will 'right in immovable property' be counted for the purpose of capital gains tax calculation?

Pls help clarify exemptions under Sec 54 and 54 F.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

12 December 2012 Proposal/offer to "right in imovable property was created by you on 20/01/2010, accepted by builder on 14/04/2010 and reduced to writing on 04/06/2010.
14/04/2010 can be taken as date provided the same is duly incorporated in "builder buyer agreement", ELSE 04/06/2010 will be taken as conclusive evidence of creation of right in imovable property.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Shakthi

CA Satyen Sharma

madhuseshu yathirajam

Soumitra Patra

Vinod Patil

Subscribe Now

Capital gains

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA