Holding period of long term capital asset

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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)

15 July 2012 Date of possession will be considered.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

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)

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

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