sale of huda plot
This query is : Resolved
19 July 2011
my uncle got allotment of huda plot on 23.05.2007. he paid only 3 installments of Rs. 1421635 then he sold it to another party on 22.09.2010 for Rs 15 lac
and then third party paid remaining amount to huda authority on 22.09.2010 and my question is that whether ownership was transferred to my uncle on allotment or not and if ownership was transferred then will here be indexation on installment for capital gain or not
and then third party paid remaining amount to huda authority on 22.09.2010 and my question is that whether ownership was transferred to my uncle on allotment or not and if ownership was transferred then will here be indexation on installment for capital gain or not
19 July 2011
While calculating Capital Gain, beneficial ownership is taken into consideration. However, in this case, as the allotment was final, your uncle was the beneficial owner of the plot. He sold the same after 3 instalments and also 3 years were complete. So, in my opinion, he should get the benefit of indexation.
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