Capital gain


Hema Desai (PRACTICING CA AND ENTERPRENEUR)     10 May 2013

Hema Desai
PRACTICING CA AND ENTERPRENEUR 
 4 likes  92 points

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Dear Professional Collegue

This query is with reference to LTCG on Residential Property. Kindly revert

 

what is the rate of SERVICE TAX ON IMMOVABLE  PROPERTY
DATE OF PURCHASE IF TOKEN IS PAID ON JUNE 2010 and
PURCHASE AGREEMENT MADE ON JULY 2011
SALES AGREEMENT JULY 2013
when purchased property was UNDER CONSTRUCTION
FROM WHICH DATE LTCG WOULD BE APPLICABLE? JUNE 2010 OR JULY 2011
WHAT ABOUT IF THIS PROPERTY WAS BOUGHT TO SAVE LTCG OF PREVIOUS PROPERTY WHERE TAX BENEFIT IS CLAIMED.

THANK YOU IN ANTICIPATION

 

WARM REGARDS

HEMA DESAI


(Guest)

If property purchased on June 2010 is fully constructed and consideration and possesion is transfered on the same date. The period of holding shall begin from the june 2010. The date of agreement will not be taken.

And at the time of sale in July 2013 , the property will be considered as LTA.

 

If the property is purchased to to claim exemption from capital GAin  u/s 54 or 54F, then the minimum period of holding of such assest is 3 years from the date acquistion or transfer


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