Sale of immovable property like flat

This query is : Resolved

VIKRAM Singh (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 December 2024 How you made payment?

VIKRAM Singh

VIKRAM Singh (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 December 2024 It will be long term based on 'Right acquired in a property' as asset. (if sold now).

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