Long term capital gain

Save Share

This query is : Resolved

Shriyans (Querist)

16 December 2013 Hi,

Would request for some clarity on following

I have register a flat in March 10,2011, in Mumbai. Now I want to sale it, I will be registering the sale of said property Post March 20, 2014. Need a clarity that whether I can take the sale amount say around 60-70% of total value before March 10, 2014, will it have any impact on my LTCGT benifit

Regards

Manish Bhandari

Manish Bhandari (Expert)

16 December 2013 When the sale deed will be execueted then only the transfer will b complete. So you can take the advanve and prepare an agreement to sale wherein mention that the possession of property will be handed only on receiving the full amount and excuetion of sale deed.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

16 December 2013 The amount is treated as advance and it converts into sales consideration when you give possession or register the sale deed.
.
So, it's having no impact on LTCG.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now