Dear Experts,
Though there are many posts on similar topic, but my situation is unique, therefore giving details below.
I bought a property in 2009, allotment done thru allotment letter dated 15.11.2010. Value of property-25 lacs (partial payment of 8.5 lacs has been to builder till date as its under construction property)
I got into an agreement to sell with a buyer in March 2012 to sell property. Sale price 45 lacs
The process got into issues between seller and buyer, got stuck in litigation.Now in November, 2013 we resolved the issue and went ahead with the execution of agreement. The payment was recieved from buyer on 19.11.2013 and transfer documents signed on 10.12.2013.
My confusion is, whether the gain out of this transaction is short term or long term and how it will be taxed.
Thanks in Advance.
CAclubindia
