LTCG
This query is : Resolved
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
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
19 April 2009
Yes.
The date of possession will be date of purchase.
The date of possession will be date of purchase.
19 April 2009
This means the sale of the plot in 2009 will qualify for LTCG?
20 April 2009
Yes.
But it would be better if u get me more through the contours of the transaction.
But it would be better if u get me more through the contours of the transaction.
20 April 2009
Hi Nitin,
Thanks so much for your prompt response. Please let me have your email id and I will send you a copy of the allotment letter with details.
Regards
Chetan
Thanks so much for your prompt response. Please let me have your email id and I will send you a copy of the allotment letter with details.
Regards
Chetan
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