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Date of transaction in case of compulsory acquisition by nhai

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Sajjan Tawde

99 Points Joined September 2018

Whether the date of transfer be taken from the gazette publication or from the date of possession or demolish of property. In a case gazette was published in 2012 and the capital asset was used by assessee till the demolish in 2016 he earn rental income on that assets. So what will be the date of transfer for determining period of holding for capital gain under.

Replies (2)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9489 Points Joined December 2011

The date of transfer for determining the period of holding for capital gain purposes can be a bit complex. Here's a breakdown: Date of Transfer The date of transfer is typically considered the date when the ownership of the asset is transferred. In your case:

1. _Gazette publication (2012)_: This is the date when the government notification was published, indicating the intention to acquire the property.

2. _Date of possession or demolish (2016)_: This is the date when the assessee lost physical control over the property.

Determining the Date of Transfer For capital gain purposes, the date of transfer is usually considered the date when the assessee loses control over the asset or when the ownership is transferred.

In your case, since the assessee continued to earn rental income from the property until 2016, it's likely that the date of transfer would be considered as 2016, when the property was demolished.

However, this is subject to interpretation and may depend on specific facts and circumstances.

. Period of Holding Once the date of transfer is determined, you can calculate the period of holding, which will help determine whether the capital gain is long-term

Sajjan Tawde

99 Points Joined September 2018

From date of gazette publication it's stcg otherwise LTCG ,, but if I claim LTCG and dept disallowed my claim i will also be liable for penalty for misreport

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