LTCG

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This query is : Resolved

Chetan Uberoi (Querist)

19 April 2009 Hi,

I was allotted a residential plot by HUDA in 2002, The allotment letter clearly stated that " the possession is here by offered". I was not aware that I also had to take a posession certificate from HUDA. I plan to sell the plot in 2009 and plan to complete the formality of collecting the possession certificate. Would the sale qualify for LTCG as per; "

(v) any transaction involving the allowing of the possession of any immovable
property to be taken or retained in part performance of a contract of the nature
In referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882) "; of I T Act is given u/s 2(47A) which under clause (v) recognise part performance as transfer of capital asset.
Regards
Chetan

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

19 April 2009 The sale qualify for LTCG.

Chetan Uberoi

Chetan Uberoi (Querist)

20 April 2009 Hi Chackrapani,

Thanks so much for your prompt response. Will it be possible for you to send me your email id so that I can send you a copy of the allotment letter.

Thanks & regards

Chetan

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