Sale of property
This query is : Resolved
02 July 2012
Assessee is residing in multifloored rented property since last 30 years. the owner has renovated and expand the same property upto 5 floors and owner has given one new residential flat to assessee at 1st Floor in same premise. The owners has given possession before six month and The assessee has sold that flat on 28.05.2012. Assessee has purchased new residential property at cost of Rs.6,60,000/-.
Now the question is whether assessee is liable to pay tax as Long Term or Short Term
Now the question is whether assessee is liable to pay tax as Long Term or Short Term
03 July 2012
1. Period of holding shall be calculated from the date of acquiring possession to one day prior to the date of transfer.
2. If the period of holding is 36 months or more, the capital asset shall be long term capital asset and accordingly LTCG shall arise, otherwise STCG shall arise.
3. In this case, the period of holding is less than 36 months, so STCG shall arise.
2. If the period of holding is 36 months or more, the capital asset shall be long term capital asset and accordingly LTCG shall arise, otherwise STCG shall arise.
3. In this case, the period of holding is less than 36 months, so STCG shall arise.
03 July 2012
In above referred case assessee was residing and having possession of above premises since last 30 years as rented one. THe owner allotted and said document was executed on dec, 2011. In this case capital gain is long term or short term
03 July 2012
Possession as a tenant and as an owner are 2 different things.
In this case, possession as owner shall be the date of execution of sale deed, i.e., Dec 2011.
Period of holding : Dec, 2011 to 27.05.2012 - short term.
In this case, possession as owner shall be the date of execution of sale deed, i.e., Dec 2011.
Period of holding : Dec, 2011 to 27.05.2012 - short term.
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