Ramesh Tiwari (DNE) (25 Points)
07 March 2014In case of sell of flat; one must hold flat for 3 years to get relief under Long Term Capital Gains. Otherwise short term gains apply.To count 3 years what should be date of purchase? 1) date of allotment (June 2009) after giving booking amount (June 2009). Construction started later. 2) date of registry (April 2012) 3) date of possession (August 2012). Ramesh Tiwari
Arpit Pachisia
(CA)
(734 Points)
Replied 07 March 2014
Hello,
Date of purchase of flat will be taken as the date of allotment of flat.
since the flat is alloted to you, now you are the owner of the house since than, even you can do construction on the flat thereafter.
Thanking You
Ramesh Tiwari
(DNE)
(25 Points)
Replied 08 March 2014
Gopalkrishna Hegde ,CA,DISA
(employment)
(275 Points)
Replied 02 May 2015
Bangalore Tribunal Decision in case of Infosys BPO Ltd on flexi pay is worth reading
The link is https://itatonline.org/archives/acit-vs-infosys-bpo-itat-bangalore-law-on-s-192-tds-obligation-on-medical-reimbursement-ltc-explained/
Regards
Gopalkrishna
Gopalkrishna Hegde ,CA,DISA
(employment)
(275 Points)
Replied 02 May 2015
capital gain expert
(CA Practice )
(21 Points)
Replied 02 May 2015
| Originally posted by : Ramesh Tiwari | ||
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In case of sell of flat; one must hold flat for 3 years to get relief under Long Term Capital Gains. Otherwise short term gains apply.To count 3 years what should be date of purchase? 1) date of allotment (June 2009) after giving booking amount (June 2009). Construction started later. 2) date of registry (April 2012) 3) date of possession (August 2012). Ramesh Tiwari
ANSWER is DATE OF ALLOTMENT , subject to CONTENT OF ALLOTMENT LETTER. Examples of ALLOTMENT LETTER in brief = 1) Mr xyz is entitle to a flat in ABC Tower. = THEN Date of Allotment Letter will not be considered as ur DOA (Date of Acquisition). your case is 100% weak. 2) Mr. xyz is entitled to a flat no 1001, admeasuring 1000 sq feet on 10th floor. = THEN your case is Strong. and date on allotment letter will be considered as DATE OF ACQUISITION. Your case is 100% strong.
Apart from this there can be various permutations and combinations. So DRAFTING plays crucial role. so when you can JUSTIFY THAT SOME RIGHT WAS CREATED IN THAT PROPERTY THEN U HAVE A STRINGER CASE.
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