Can you guys pelase help me out with the following queries:
1. For classification of "Long Term/Short Term Capital Gain" can you please advise how is this calculated:
a. From the date of allottment or from the the date of possession ?
b. I bought an already allotted flat by paying the allotee his booking amount + some premium. So will this affect the actual date of allotment and if yes what period should now be considered for calculation of capital gain ?
2. Since the allotted flat was sold to me, i got the name on allottment letter changed to my Wife's and my name. By this time i had only paid the booking amount + some premium. I latter asked the builder to change the name on allottment letter to my name and my two sons name by removing my wife's name from the allottment letter. I and my two sons entered into agreement say at X date. Both of my sons got it financed and cleared "Full Payment" due to the builder. The flat was latter sold and the buyer transferred two equal chunks of money into the bank accounts of my son for the purpose of clearing the housing loan. The balance amount was transferred by the buyer in unequal chunks among all three of us which was redistributed in three parts equally by us. So my question now is what should be the period for consideration of "Long/Short Term Gain" for my sons?
a. The date of allottment of flat to the person from whom i bought it ?
b. The date when i and my wife purchased the allottment by paying booking amount + some premium ?
c. The date when i and my two sons entered into an agreement ?
d. Or some other date ?
Raj
CAclubindia
