In respect of status of capital gain

This query is : Resolved

CHANDRA SHEKHAR AGARWAL (Querist)
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29 May 2012 Plot purchased on 12/02/2005 from Noida Authority and amount deposited with Noida Authority on 05/03/2005,10/04/2005,15/04/2007,07/10/2008,10/11/2008,08/12/2008,and Expenses Incurred on 05/02/2009 for Boundry of Plot etc.
The same plot was sold on 19/02/2009, Capital gain arising from sale of Plot will be whether Long Term Capital Gain or Short Term Capital Gain or Both.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 May 2012 The date of acquisition shall be 12/02/2005. The fact that the payment was made in instalments will not change the date of acquisition.

So, the period of holding will be 12/02/2005 to 19/02/2009, i.e., long term. Accordingly, long term capital gain will arise on the sale of the plot.

The expenses incurred on boundary on 5/2/2009 shall be treated as cost of improvement.

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In respect of status of capital gain

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