Capital Gains
This query is : Resolved
05 August 2008
I had bought a under construction in mumbai in July 2004 (Registration / agreement date)and fully paid to the builder.
The possession however was taken in the month of Mar 2006 after recieving the possession letter from the builder. I currently stay in the same house.
I plan to sell this house now (Aug 2008) and invest the entire net proceeds into buying another house and wish to move there.
Need to know
1) Whether I would fall under the capital gains taxation or not?
2) Is the buying /selling date from the date of registration (agreement) or from the date of possession?
Thanks and Regards,
Gagan Tandon
The possession however was taken in the month of Mar 2006 after recieving the possession letter from the builder. I currently stay in the same house.
I plan to sell this house now (Aug 2008) and invest the entire net proceeds into buying another house and wish to move there.
Need to know
1) Whether I would fall under the capital gains taxation or not?
2) Is the buying /selling date from the date of registration (agreement) or from the date of possession?
Thanks and Regards,
Gagan Tandon
06 August 2008
The date of acquisition in ur case shall be date of possession,i.e, March,2006 and the gain arising from the sale of house in August,08 shall be Short Term Capital Gain. short Term Gain shall be subjected to tax with ur other income at normal tax rates.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- ITR-Capital Gain
- Reporting in TDS return
- Traces submitting correction statement error
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
