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Capital Gains query- Date of Acquisition

This query is : Resolved 
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(Querist)
21 October 2010 One of my client had bought a residential flat by making advance
payment towards booking amount and entering into an agreement to sale
with builder for which he received possession after 5 years after
completion of construction and full payment of unpaid amount. Now he
wants to sale this flat. What shall be the date of acquisition for
same and what will be the capital gain whether short term or long
term?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
21 October 2010 I think as per transfer of property act, the date of acquisition should be date of registration.
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CA Shiv

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CA Shiv (Expert)
21 October 2010 first advance and agreement for sale will be considered and the year of acquisition will be of 5 years back when the first advacne is made.
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