LTCG on Property
This query is : Resolved
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
Thanks
13 October 2009
LTCG, Date Of Registration taken for calculating period.
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
Exemption u/s 54 will be granted subject to provisions.
Assuming residential property , not block of assets etc in commercial property
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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