I AM A MEMBER OF CO-OPERATIVE SOCIETY . ON 2007 THE SOCIETY WAS ALLOTTED& GOT REGISTRATION OF THE PLOT . ON 2009 (JUNE ) CONSTRUCTION STARTED & IS STILL UNDER CONSTRUCTION .
NOW (2013) I WANT TO TRANSFER (AS IS WHERE IS BASIS) THE MEMBERSHIP THROUGH POWER OF ATTORNEY AND AGREEMENT TO SALE .
SHARE OF COST OF LAND RS.1 LAKH , INSTALMENT FOR CONSTRUCTION PAID TILL DATE RS. 8 LAKH DUE RS. 7 LAKH VALUE OF TRANSFER RS.35 LAKH.
HOW CAPITAL GAIN WILL BE CALCULATED ?
A. CHAUDHURI
Cost of acquition will be the payment you have made till date as installments. Calculate the indexed cost of acquisition in which year the payment was made. Deduct it from sale value, and you shall get the capital gain. It will depend on the date of registration with the builder/society to determine if this would be a short term or long term capital gain.
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