House PropertSold
This query is : Resolved
25 August 2010
A flat is purchased at 5 lacs and sold within 3 yrs so there is no long term. Advance against sale of flat is received 8 lacs but registry is not made in that year. What will be the treatment for that income. Since registry is not made so we cannot treat it as Capital Gain.Does any other provision attract in it...
25 August 2010
If possession is handed over along with the receipt of advance money, capital gains has to be worked out on the date of transfer of possession irrespective of the date of registration with the registry.
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