Sale of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 May 2014
Hello,
I Sold A Property recently which was purchased by me from a builder firstly through agreement to purchase and then through purchase deed. now when i calculate capital gain on my sale, if i consider purchase date as per agreement of purchase deed, long term capital gain is applicable and if date is considered as per purchase deed short term capital gain is applicable, which purchase date i should consider and and which legal act is applicable for the same?
I Sold A Property recently which was purchased by me from a builder firstly through agreement to purchase and then through purchase deed. now when i calculate capital gain on my sale, if i consider purchase date as per agreement of purchase deed, long term capital gain is applicable and if date is considered as per purchase deed short term capital gain is applicable, which purchase date i should consider and and which legal act is applicable for the same?
27 May 2014
If agreement to purchase is a registered documents then you can consider the said date for determining capital gain but if not then purchase deed would be considered for determining the holding period. Issue is extremely contestable and it can go upto HC level if Assessing Officer takes narrow view. It is recommended to use strategy based on the facts of the matter
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