Long term capital gain on sale of apartment - reference date

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2011 Pls clarify if someone books an apartment of Unitech in Gurgaon and after construction the conveyance deed done in Dec.2008 but as he dies immediately after registry, his daughter took possession of aptt in July 2009 as per possession letter of builder. Tell me 36 month will be taken from which date to be eligible for availing LONG TERM CAPITAL GAIN on sale of this apartment. Can it be sold in January 2012 i.e 36 months after Registry date or She has to wait till July 2012 i.e 36 months from Date of possession letter from builder to him.
An early views will be highly appreciated.

Preety Parik

Preety Parik (Expert)

01 October 2011 36 months from the date of registry. date of possession is immaterial

Querist : Anonymous

Querist : Anonymous (Querist)

09 October 2011 Pls Give your Comments on Below response:

dhiraj aggarwal,TAXPOINT (Director),9829551008 Says:
[ Scorecard : 77]

As per Section 49(1) read with section 2(42A) of income tax Act, period of holding should be taken from the date of possession of property in case of immoveable property

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