CAPITAL GAINS - PERIOD OF HOLDING
This query is : Resolved
30 September 2021
An individual purchased a commercial shop under construction in 2017-18 after paying a substantial amount and executed an agreement of sale. However possession was handed over to him only in 2020-21.
1.If he sells sells the property in the current year, what will be the period of holding i.e., will it be considered as a long-term or short-term capital gain?
2. If it is a long term capital gain, will year of indexation be considered as 2017-18 or 2020-21 for cost of acquisition?
3. Are there any case laws to support the same?
1.If he sells sells the property in the current year, what will be the period of holding i.e., will it be considered as a long-term or short-term capital gain?
2. If it is a long term capital gain, will year of indexation be considered as 2017-18 or 2020-21 for cost of acquisition?
3. Are there any case laws to support the same?
30 September 2021
In this case, date of execution of Registered agreement, is considered as date of acquisition of right in an asset.
If the right is transferred after 3 years it will be long term, otherwise short term.
Indexation available for arriving at Long term capital gain.
If the right is transferred after 3 years it will be long term, otherwise short term.
Indexation available for arriving at Long term capital gain.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Transporter Declaration form
- Copyright software
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- 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
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
