date of acqusition of capital asset
This query is : Resolved
27 February 2008
My client has paid installments for flat to unitech since 1991 and got possion in 2003 and sold in 2008. what was the date of acqusition of calculating capital gains. cost of acq can be taken yearwise as the payment made and then indexed each year or date of possion will taken as date of acq. The simmilar case is that of co op society flat. Explain in detail.
27 February 2008
A PERSON SHALL DEEMED TO BE THE OWNNER IF CONTRACT IS UNDERTAKEN IN PERFORMANCE OR PART PERFORMANCE .SINCE BY PAYING INSTALMENTS PART PERFORMANCE OF CONTRACT HAS BEEN UNDERTAKEN AND PERSON SHALL DEEMED TO BE THE OWNER,THEREFORE PESON CAN INDEX EACH YEAR FOR DATE OF ACQUISITION AND SAME IN CASE OF CO-OPERATIVE SOCIETY
27 February 2008
1. If the Flat was taken possession in 2003, that will be the date reckoned. But we need follwing clarification to give a better picture. When was the property assessed for property tax?
Is this construction on your client's behalf by the promoter? This 1991 was the year of booking of Flat?
Is this construction on your client's behalf by the promoter? This 1991 was the year of booking of Flat?
29 February 2008
The flat is allotted from the draw of lot in 1991. and thereis no property tax applicable on the flat.
03 March 2008
kindly reply
06 March 2008
What is the basis of taking date of possession in 1991 and not in 2003 any case laws etc. further when the flat to be taken as asset in wealth tax return in 1991 or 2003. kindly explain.
07 March 2008
You have not clarified why you are paying instalments since 1991 for a flat taken possession in 2003?
10 March 2008
The Flat Is allotted in 1991 and for construction paid the consideration in the installments till the possession of the flat.
13 March 2008
Kindly Reply
14 March 2008
have some reply
15 March 2008
The date of possession is with reference to completion and handing over by 2003
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