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pls help sir-short-term /capital gain

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pradeep (Querist)
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09 December 2009 An assessee booked a flat on 01.01.06. The assessee got possession of the flat on 01.04.09. The asseessee sold the flat on 01.08.09. Whether profit on sale of flat will be treated as long-term capital gain or short-term capital gain?

Pls mail the relevant material in support of ur reply

M Prabhakar Menon

M Prabhakar Menon (Expert)
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09 December 2009 Short term capital gain as upto 01-04-09 the asset is as an advance (current asset) not a fixed asset

Saurabh Aggarwal

Saurabh Aggarwal (Expert)
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21 July 2010 Agreed.

For acquisition of an immovable property, relevant date to be considered is date of possession and not payment.

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