Folks,
I purchased an apartment which was registered via "Agreement of Sale" in September 2009. However, the possession of it was taken in May 2010.
I've sold this apartment and the "sale deed" was registered in May 2013.
I wanted to know whether this will be categorized under "Short term capital gain" OR "Long term capital gain"?
Kindly enlighten me with your opinions.
Thanks!
in my view it is long term only
The time period for calculating the Capital gains is from the date of Execution of Sale deed (date of registration) to date of sale (date of registration).
It is a LTCG
As the period of holding is more than 36 months ie. from sep 2009 to Mar 2013 so this must be classified as a LTCG.
REGARDS.
Many Thanks guys!
I would like to clarify that I bought this flat directly from the builder who just signed "Agreement to Sell" which was registered at Sub-Registrar office on September 2009. No "sale deed" was signed.
Additionally, when I sold the apartment, the buyer's bank (HDFC) also did not ask for "Sale Deed" and received registered "Agreement to Sell" as the final document along with few other documents. I signed the "Agreement to Sale" as well as "Sale deed" with the buyer though in month of May 2013.
Does this registered "Agreement to Sell" suffice in case I need to submit documentation with any tax authorities?
Thanks again!
| Originally posted by : Chinese Chef | ||
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Many Thanks guys! I would like to clarify that I bought this flat directly from the builder who just signed "Agreement to Sell" which was registered at Sub-Registrar office on September 2009. No "sale deed" was signed. Additionally, when I sold the apartment, the buyer's bank (HDFC) also did not ask for "Sale Deed" and received registered "Agreement to Sell" as the final document along with few other documents. I signed the "Agreement to Sale" as well as "Sale deed" with the buyer though in month of May 2013. Does this registered "Agreement to Sell" suffice in case I need to submit documentation with any tax authorities? Thanks again! |
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Agreement to sale which was register at sub-registrar is more than sufficient
Agree with all others .
As period of holding d property is more than 36 months, its longterm gain only.
WHEN SALE DEED IS EXECUTED AND U PAID CONSIDERATION PERIOD WILL BE CONSIDERED FROM THAT DATE
DATE OF POSSESION IS NO MATTER
MATTER IS ONLY DATE OF CONSIDERATION PAID AND DEED REG
I just want to reconfirm with what mr Manoj said. I bought a flat in 2010. The undivided share of land was registered in Aug 2010 and I entered into a construction agreement with the builder on the same day for constructing the flat. The flat was constructed and handed over to me in July 2011.
Now if I am selling the flat in April 2014,
1. Am I liable for LTCG or STCG?
2. Which year Cost of infl index I should take as base. 2010-11 or 2011-12? I have paid 95% of the cost of construction before March 2011.
Can U clarify this point
CAclubindia
