Holding period of long term capital asset

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2012 I booked a flat( asset) in FY2005-06 and had agrement with builder.started paying periodically from dec 2006 to may 2007.Ihave availed housing loan from ICICI BANK.The flat was ready in July 2007.The position certificate was given in Dec2007. EMI started from Dec 2007.The registration of flat in my name was done in Apr 2008.The total cost of the falt including registartion stampduty all expenses etc came to 38lakhs.
Now I have sold the flat in May 2012.I sold for 69lakhs.
I will get long term capital gain in the deal for the FY 2012-13.
My question is ,to calculate the indexed cost of asset,which year I should consider.
whether date of registration ,or date of taking position,or date of agrement from where i started paying to the builder.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

15 July 2012 Date of possession will be considered.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

15 July 2012 The date of acquisition shall be the date of possession.

However, since it is difficult to prove the date of possession, the date of registration should be considered.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

15 July 2012 The expert might have ignored the fact that the Possession Letter has been issued in 2007.

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Anant Kuber

FCA. LAL BAHADUR SHASTRY GUBBA

Vishal Dave

NISHANT SIPANI

sriram deven

Subscribe Now

Holding period of long term capital asset

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANT

Manager- Finance and Compliance

Senior Executive

GST CONSULTANCY

Accountant