Date for capital gain

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Somil Shah (Querist)
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11 September 2015 if date of agreement for sale of house property is entered on may 15, 2015 but paymnet received and possession given on September 1, 2015 then which date is to be considered while calculating 3 years for determining whether it is short term or long term capital gain

Rajesh Kumar

Rajesh Kumar (Expert)
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12 September 2015 Agreement of sale is a mere conditional promise of sale if conditions (payment) is fulfilled. Actual sale happens only after the condition of sale is fulfilled, i.e. payment is made. Thus 1st sep. is the date on which sale is effected. This date should be taken for determining whether it is long term or short term.

CA G. SURYANARAYANAN

CA G. SURYANARAYANAN (Expert)
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13 September 2015 Date of agreement, date of payment or date of possession does not count. Whether any Power of Attorney is executed along with possession. If so that date has to be taken as date of transfer. Otherwise, date of registration of sale deed will alone canbe taken as date of transfer.

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