Urgent: capital gain whether short term or long term

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2012 Dear All,

assessee has booked a under construction property in FY 2005-06 and paid Rs. 1.90 Lakh as booking amount. other cost related to the property acquired had been paid in fy 2008-09, fy 2009-10. Total amount paid towards the property is rs.1295340.
the sale of the property tool place in fy 2010-11 for rs. 2631000/-.
50% of property was constructed in fy 05-06 & fy 2006-07. however the property was made available after full construction somewhere in fy 08-09/fy 09-10.

NOW MY QUUESTION IS :
whether capital gain arose would be considered as long term capital gain (consideration cost of acquisition year 2005-06, the year in which booking amount of rs. 1.90 lakh was paid and remaining in later years)OR short term capital?

Anand Modi

Anand Modi (Expert)
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10 October 2012 I think you have to take the date of Purchase Deed.

A sale is completed when the property is handedover to buyer and full consideration is paid to seller.

Also please wait for others to reply

CA C.JANANI

CA C.JANANI (Expert)
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10 October 2012 Yes . Year when the registration took place is for all practical purposes considered,even though property hand over date may be later.

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2012 Thank you.

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