In respect of status of capital gain
This query is : Resolved
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.
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.
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.
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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