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?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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