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Date of Purchase

Gokul Malpani (Proprietor) (92 Points)

01 September 2010

Dear All kindly give ur sugestion, in the below sitution in the given Case . Flat purchased and payment made in installment , Instalment Started from Jan2004 & ended full and final on Feb,2006. But Sale Agreement was entered only during April,2010. And During June 2010 the flat is sold. kindly confirm me what shall be the date of Purchase wheather Feb,2006 or April 2010. Kindly do the needful at the earliest its Urgt................

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3 Replies

Ganga (CA Final) (101 Points)
Replied 01 September 2010

I think that the Installment Starting date should be the date of purchase (jan 2004) & it is Long term Cpital Gain, date of settlement should not be the date of purchase .

Kamal Jain (FCA) (200 Points)
Replied 03 September 2010

Date of possession will be the date of purchase.

Vicky (CA, LCS,MCOM,) (136 Points)
Replied 03 September 2010

as per sec 2(47) transfer includes allowing the possession of any immovable property in part performance of the contract.......therefore i agree with MR KAMAL.......i.e.date on which possession note is signed by the flat owner will be the date of purchase