Capital Gains

Capital gains arises on transfer of property .Payment dates are not transfer dates. NOW THIS TRANSFER , IS TRANSFER AS PER INCOME TAX ACT AND NOT AS PER TRANSFER OF PROPERTY ACT . As such definition of transfer of IT act relevant which is as follows:
47) [“transfer”, in relation to a capital asset, includes,—

(i) the sale, exchange or relinquishment15 of the asset ; or

(ii) the extinguishment of any rights therein; or

(iii) the compulsory acquisition thereof under any law ; or

(iv) in a case where the asset is converted by the owner thereof into, or is treated by him as, stock-in-trade of a business carried on by him, such conversion or treatment ;] [or]

(iva) the maturity or redemption of a zero coupon bond; or]

[(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A19 of the Transfer of Property Act, 1882 (4 of 1882) ; or

(vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment of, any immovable property.

Explanation.—For the purposes of sub-clauses (v) and (vi), “immovable property” shall have the same meaning as in clause (d) of section 269UA;]

whenever you are selling you will have to compute the CG. i thnik you are selling in aprt in one yaer and part in next year. you calculate purchase value of part as under total value /total area X area sold and apply CY index. you calculate for 3 year separately. Cpaital gain exemption is now limited to rs. 50 Lcas only on rest you have to pay tax for some part which you will sold in 2009 you will calim LTCG