Date of acquisition for capital gains
Querist : Anonymous
I was alloted an housing board flat by the state government under the lot scheme in 1988. I occupied the house and started paying monthly installments from 1990. All the installments where paid by year 2000 and the state goverment housing board authorities issued the sale deed in 2006.
Now if I sell the property what would be my date of acquisition? Date on which sale deed was issued or date of allotments of flat? It would make a lot of difference in the indexation cost.
Thanks in advance
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Against part performance of the contract the asset has been held by you and for IT purpose your ownership starts from that date.
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What ever is paid later is just like payment made to a creditor.
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Querist : Anonymous
Querist : Anonymous
So as I understand the sale deed date does not have any implication on my resale and its the date of allotment which will be considered.
Thanks
The instalments which have been paid during 1990 to 2000; have to be indexed according to the prescribed indexation of Income-Tax Act year wise.
Querist : Anonymous
I am not able to locate the notification for this, can you guide me where can I find a notification with regards to this?
Thanks
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