Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2011 Mr.X purchased a house in Yashoda kunj.The colony is newly constructed and Mr. x paid Rs 8 lakhs for a duplex amounting to Rs 30lakhs.Balance amount is to be paid in 3 years in monthly installments to Yashoda kunj.After 3 years the house is registered in the name of Mr.X.Now Mr.X wants to sell the house but he is confused that whether Long term capital gain will be charged or short term capital gain will be charged.Please help Mr.x.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 February 2011 The date of acquisition, in this case will be the date when the property is being registered in the name of Mr. X.

and 3 years holding period, for long term aasset, will be calculated from the date of its Registration.

Guest

Guest (Expert)

20 February 2011 It appears that house was not transferred before complete payment and therefore, there will be short term capital gain.

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