Treatment of gain on transfer of property
This query is : Resolved
P.S.VISHWANATHAN
(Querist)
19 December 2014
WE WERE ALLOTTED COMMERCIALFLATS IN THE YEAR 2007 UNDER INSTALLMENT PAYMENT PLAN. THESE FLATS BECAME READY IN 2013,. CONVEYANCE DEED NOT EXECUTED YET, POSSESION NOT TAKEN. MY QUERY IS :-
WE INTEND TO TRANSFER THE FLATS TO A PARTY( NOT THE BUILDER)FOR A CONSIDERATION MORE THAN THE PRICE WHICH WE HAVE PAID. WHETHER THE GAIN THUS ARISING SHORT TERM OR LONG TERM?
IF IT IS LONG TERM WHETHER WE WILL GET BENEFIT OF INDEXATION ON THE PAYMENTS MADE FROM THE DATE OF BUYERS AGREEMENT?
WOULD BE GRATEFUL FOR YOUR VALUABLE ADVICE.
WE INTEND TO TRANSFER THE FLATS TO A PARTY( NOT THE BUILDER)FOR A CONSIDERATION MORE THAN THE PRICE WHICH WE HAVE PAID. WHETHER THE GAIN THUS ARISING SHORT TERM OR LONG TERM?
IF IT IS LONG TERM WHETHER WE WILL GET BENEFIT OF INDEXATION ON THE PAYMENTS MADE FROM THE DATE OF BUYERS AGREEMENT?
WOULD BE GRATEFUL FOR YOUR VALUABLE ADVICE.
Rupesh Jain
(Expert)
19 December 2014
from allotment date you can consider the period of 36 month and calculate the LTCG and take index benefit for every payment when you mke payment.
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