Capital tax gain stcg / ltcg on sale of property

Save Share

This query is : Resolved

npp2886 (Querist)

15 December 2014 Dear Sir,

I am selling my flat.

I had purchased an under constuction flat on 01/12/2010 and done the AGREEMENT TO
SALE on 10/12/2010. And I got possession on 02/06/2012 and I am staying since last
2.5 years. Society is formed and I have also received the share certificate.

So to summarise.

Date of AGREEMENT TO SALE : 10/12/2010
Date of Possession : 02/06/2012

So If I sell the flat today , i.e. 15/12/2014. Will I come under SHORT TERM CAPITAL

GAIN or LONG TERM CAPITAL GAIN?

Thank you for your time.

Regards

Amol S Joglekar

Amol S Joglekar (Expert)

15 December 2014 Read it carefully.....You sell the RIGHT which you acquired on 10/12/2010. Then it will be LONG TERM CAPITAL GAIN.
I repeat......dont sell the FLAT, sell the right which you acquired through the agreement dated 10/12/2010

Message likes : 1 times

npp2886

npp2886 (Querist)

16 December 2014 Dear Amol sir,

If I take the 20% amount and do the agreement to sale and then take the remaining 80%(Which is going to come from loan) on 5th June 2015 , by when 3 years will be over. So will that be ok.

did you mean this?

Amol S Joglekar

Amol S Joglekar (Expert)

16 December 2014 What I mean is the agreement to sale between you and your prospective buyer should be for the PURCHASE OF RIGHTS acquired by you by the agreement dated 10/12/2010.
What you are selling is this RIGHT and not the FLAT.
I know it is bit TRICKY to understand.

npp2886

npp2886 (Querist)

16 December 2014 Thanks Amol Sir for your kind reply.

Regards,
Nilesh

Amol S Joglekar

Amol S Joglekar (Expert)

16 December 2014 You are most welcome.
.
.

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