Sale of immovable property like flat
This query is : Resolved
02 December 2024
Scenario: Purchased a flat in 2011 but due to some issues with the builder the case went on to Supreme Court who appointed NBCC for construction of projects.
Now they handed over the possession and NOC of the flats in Mar 24. But registration will still take sometime, an year or so.
Question:
If we sell the flat now will the duration of holding of flat be counted from Date of Allotment (BBA issue date) or Date of possession and accordingly will it come under under Long term capital gain or short term capital gain.
Now they handed over the possession and NOC of the flats in Mar 24. But registration will still take sometime, an year or so.
Question:
If we sell the flat now will the duration of holding of flat be counted from Date of Allotment (BBA issue date) or Date of possession and accordingly will it come under under Long term capital gain or short term capital gain.
02 December 2024
How you made payment?
02 December 2024
Payment was done as per schedule of underconstruction. Eighty percent payment made in the first five years through bank loan and remaining twenty percent in next two years from self funds
Just wanted to check if the capital gains on sale would be classified as short term or long term
Just wanted to check if the capital gains on sale would be classified as short term or long term
02 December 2024
It will be long term based on 'Right acquired in a property' as asset. (if sold now).
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