Ltcg / stcg
This query is : Resolved
02 November 2011
Dear All,
Kindly help me in the following matter of purchase and sale of immovable residential property.
Property purchased in 29th November 2004,
Date of possession 3rd April 2008
Date of sale of property 16 June 2008
The amount for Occupation Certificate paid by new buyer on 16th June 2008,
Will it be considered as Long Term or Short Term ?
Thanks
Kindly help me in the following matter of purchase and sale of immovable residential property.
Property purchased in 29th November 2004,
Date of possession 3rd April 2008
Date of sale of property 16 June 2008
The amount for Occupation Certificate paid by new buyer on 16th June 2008,
Will it be considered as Long Term or Short Term ?
Thanks
02 November 2011
Dear sir
If property registered as on 29 nov 2004
in the name of assesse then property treated as Long term in nature.
If property registered as on 29 nov 2004
in the name of assesse then property treated as Long term in nature.
Message likes :
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03 November 2011
Purchase of property is to be analysed further:
whether plot or flat/building?
whether booking, allotment, loaning, possession, registration aspects involoved or not, if so the occurance of each event to determine exactly LTCG or STCG. Reference is cited to Sec.53A and 54 of the transfer of Property Act, Sec2(14) of IT Act. Further references may be had with legal cases determined to clarify the nature of transfer/sale of the property. Please mention full facts of the case.
whether plot or flat/building?
whether booking, allotment, loaning, possession, registration aspects involoved or not, if so the occurance of each event to determine exactly LTCG or STCG. Reference is cited to Sec.53A and 54 of the transfer of Property Act, Sec2(14) of IT Act. Further references may be had with legal cases determined to clarify the nature of transfer/sale of the property. Please mention full facts of the case.
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