LTCG on Property

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Vish (Querist)
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13 October 2009 I purchased a new property in Jan-2006, Registration done in June 2006 and got possession in Jan 2009. If I sell it now in Oct 2009, with approx 20 Lakhs gain, and invest in new property, do I need to pay LTCG/STCG tax?
Thanks

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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13 October 2009 LTCG, Date Of Registration taken for calculating period.

Rajeev

Rajeev (Expert)
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14 October 2009 Since the Holding period in your case would be more than 36 months it would be LTCG.

Exemption u/s 54 will be granted subject to provisions.

Assuming residential property , not block of assets etc in commercial property

sunny bansal

sunny bansal (Expert)
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15 October 2009 There will be LTCG as holding period is more than 36 months that is counted from date of registration or date of possession which ever is earlier.

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