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Date of Allotment or Date of Registration.

Tax queries 440 views 3 replies

subject: LTCG on Sale of Residential plot /Land, 300 SQ. Mitre.

Allotment Letter Date 06/06/2006. Date of Registration on 21/01/2015. And Date of Memorandum of Possession of Plot 23/06/2015.

Q1: which is the Holding period...? Date of Allotment or Date of Registratio.!

Fact: The West Bengal Housing Infrastructure Development Corporation Ltd (WBHIDCO) made arrangements to Sale Residential plot to the Public by Lottery. I have applied for a Residential Plot & got a Allotment by Lottery. All the formalities where done by me by self Finance & no Loan was there.

Q2: Vacant Residential Plot' Property Tax paid RS 30,000/- as on 30/06/2022 to the Development Authority , where the adjustment have been done..? It is Cost of acquisition,

Cost improvement or Expenditure wholly & exclusively...?

Q3: Mutation fee paid on 22/09/2022 RS.5,600/- it is cost of acquisition or Cost of improvement...?

Q4: There were no Demarcation Marks or Pillers or Slabs to seperate the above Residential plot from Others.  As on 19/09/2022 , Paid RS.8,000/- to the Development Authority for Demarcation fees/ Charges ..! it is cost of acquisition or Cost of improvement 

​​Sale the Residential plot as On 04/02/2023.

please advise & help me for the Computation of LTCG.

 

Replies (3)
1) it will be allotment letter
2) property tax not to be added
3) Mutation added to cost
4) Demarcation add to cost

Sir,

1) It is ok .

​​​​​​2)Property Tax paid not to be added,  no cost of acquisition, no cost of improvement & not be be add Expenditure wholly and exclusively in connection with transfer that' is your opinion.

3) Mutation added to be Cost of acquisition.

4Demarcation Fees/Charges to be Cost of acquisition.

​​​please advise & help me.

I am filling ITR-2, for continuing, Income from Other sources.


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