I want to know whether my treatment to following transaction is correct or not.
Facts:- An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in 4-5 annual installment till 2012(amount :approx 4 lacs). Now in 2013 he decides to sell this plot in 2013, for which he registers this property in his name from HUDA in 2013 & subsequently sell this plot for 23 lakhs. Assessee is already having another house in which he resides.
Confirmations Required on following:-
1) The plot becomes Capital Asset of Assessee in which f/y,
a)2006-07 (in which he is allotted the plot)
or
b)2013-14 (in which he gets plot registered in his name from Huda).
Thank you for your Replies in Advance.
CAclubindia
