Direct tax

This query is : Resolved

sreejith nair (Querist)
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20 September 2013 I want to know whether my treatment to following transaction is correct or not.
Facts:-
An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in 4-5 annual installment till 2012(amount :approx 4 lacs).
Now in 2013 he decides to sell this plot in 2013, for which he registers this property in his name from HUDA in 2013 & subsequently sell this plot for 23 lakhs. Assessee is already having another house in which he resides.

Confirmations Required on following:-
1) The plot becomes Capital Asset of Assessee in which f/y,
a)2006-07 (in which he is allotted the plot) or
b)2013-14 (in which he gets plot registered in his name from Huda)

Thank you for your Replies in Advance.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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20 September 2013 In my view the Date of possession in this case....

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sreejith nair

sreejith nair (Querist)
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20 September 2013 I want to know whether my treatment to following transaction is correct or not.

Facts:- An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in 4-5 annual installment till 2012(amount :approx 4 lacs). Now in 2013 he decides to sell this plot in 2013, for which he registers this property in his name from HUDA in 2013 & subsequently sell this plot for 23 lakhs. Assessee is already having another house in which he resides.

Confirmations Required on following:-
1) The plot becomes Capital Asset of Assessee in which f/y,
a)2006-07 (in which he is allotted the plot)

or

b)2013-14 (in which he gets plot registered in his name from Huda)

Thank you for your Replies in Advance.

sreejith nair

sreejith nair (Querist)
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20 September 2013 @ Pallav Sir, I didnt get your point, please elaborate it. Thank You

CA Pallav Singhania

CA Pallav Singhania (Expert)
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20 September 2013 However, registration made at a later date but the allotment of said property made earlier.

So, in my view it will be treated as capital asset from the date of the allotment...

Date of registration is immaterial in such a case....

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