Tax - sale of under construction property after possesion

Date of purchase of the asset will be April 2014 when all the consideration paid and you got the possession so date of acquisition will be April 2014 and the Capital gian will be calculated will be short term capital gain as for long term capital gain asset should be held for more than 3 years so in your case slab rate will be applicable.

Thanks for your reply.

So date of getting possession and paying final payment (i.e June 2014) matters and not the day when I registered the property (i.e May 2011?). Technically I became the owner in May 2011 when it was registered in my name and I am holding it since then.. isn't it? Doesn't law/ tax look at it that way? 

Law says when you get key of the premisses or total consideration paid and registration done which ever is earlier. But in your case i think registration was get done in 2014 as earlier neither whole consideration was paid nor you got the key of the premises.

Registration was done in 2011 - I paid stamp duty then. But after registration I made slab wise payments till April 2013 (when 97% payment was made). In June 2014 I made full and final payment, got possession and keys to the flat. As you said, whichever is earlier - then should date of registration be considered for calculating holding period?

@ Snehal according to me date of purchase will be considered from the date of registration of property i.e. date of sale agreement and not the date of last payment so in ur case date of purchase will be 15.05.2011