11 November 2008
Our client has executed second agreement only for paying stamp duty and registration of document, the ITO takes into account second agreement ignoring the original one and treating the capital gain as STCG instead of LTCS.
11 November 2008
I want to know where second agreement (document) is executed merely for paying stamp duty and registering the document- is the stand of ITO correct by taking second date as relevant date for computing LTCG which incidentally is date of possession even though 80% of payments have been made much before.You may cite any case law for and against, if any.
11 November 2008
Nilesh Shah Writes: Cell: 92246-59941 E Mail: nilesh63@vsnl.com
Period of holding is the first agreement. Becuuse purchase of propoerty includes purchase of rights in propoerty. Even if the construction of the prpoerty has not started yet the date of the first agreement is the date of the purchase of the propoerty.
Refer Mudhatil Brothers v DCIT 301 ITR 345 (Madras).
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