Reg capital gain
This query is : Resolved
13 February 2014
One of my friend has bought the flat in 2007 which was under construction. He paid installments after that and got the possession in 2011. On possession he immediately sold the flat. Now AO is saying that as possession was received in 2011, the same should be treated as short term capital gain. Can any body help me with case laws whether holding period should be considered from the date of purchase or date of possession?
13 February 2014
the AO is correct. the asset came into existence in 2011 only..before that all you had was a right in an under-construction property.
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