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Capital gains tax
Pl clarify if period of holding of a property is calculated from date of payment or registration of property. I had paid the full amount (except for stamp duty and registration) towards an under construction residential flat in January 2013. If I sell it as soon as I get possession (in a couple of months) will the gains be subject to long term or short term capital gains tax? If subject to STCG tax, can I set off the gains by investing in another property or capital gains bonds?
Replies (1)
Ownership Will be Transfered only after Registration of Property. Capital Gain work out From Registration Date not from Payment Date. If you have sold Propert 3 years from Registration than it is Short Term Capital Gain, No Short Term Capital Gain has to be discharged no option for reinvesting in Property or Capital Gain Bonds.so You cannot avoid tax on short-term capital gains
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