DEAR SIRS
THE APPROPRIATE DATE FOR CALCULATION FOR LONG TERM CAPITAL GAILS.
MY DAUGHTER HAVE A RESIDENTIAL HOUSE PROPERTY AND THE DATE OF REGISTRATION IS JUNE 2010.
THE DATE OF POSSESSION BY THE BUILDER IS 2011 JUNE.
IN THIS CASE WHICH DATE WILL BE TAKEN T CALCULATE THE THREE YEARS WETHER IT IS THE DATE OF REGISTRATION OR THE DATED OF POSSESSION.
ASSUMING THAT MY DAUGHTER IS SELLING THE PROPERTY IN JULY 2013 WILL SHE ATTRACT TAX OR SHE IS ELIGIBLE TO RE INVEST THE ENTIRE AMOUNT IN ANOTHER RESIDENTIAL PROPERTY FOR GETTING THE ENTIRE PROFIT SHE DERIVES OUT OF THE SALE OF HER RESIDENTIAL PROPERTY WHICH SHE ACQUIRED IN JUNE 2010.
AND THERE WILL BE NO TAX LIABILITY
PLEASE CLARIFY
K S SUBRAMANIAN
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