Long term capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2014
An agreement to sale was registered at the time of booking the flat in Feb 2011. The building is under construction and no possession is handed over by the builder.
1. if the flat is sold in June 2014 will there be long term capital gain?
2. If the flat is made ready and possession is handed over and then the flat is sold. Whether will it be a long term capital gain?
1. if the flat is sold in June 2014 will there be long term capital gain?
2. If the flat is made ready and possession is handed over and then the flat is sold. Whether will it be a long term capital gain?
Nikhil Kaushik
(Expert)
07 June 2014
if no possession is taken, then LTCG shall apply to relinquishment of right to the property.
if the house is sold within three years of taking possession, STCG shall apply.
if the house is sold within three years of taking possession, STCG shall apply.
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