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Which date as acquisition date of land, for capitalgains?

Tax queries 260 views 4 replies

Sir,

Booked a property through haryana  government in 2001. This was through some lottery. Kept paying instalments till 2011. The property was a residential land. For the purposes of calculating  captial gains, which year should be treated as the date of acquisition ? When the property got booked ? Or when the the final amount was paid and we got possession ? 

I have read all about the tax libility for this on the internet and this is the only point I am unsure about. I need to know this to calculate the inflation-adjusted buying amount... also known as indexed amount.

 

Thanks

Replies (4)

When the possession of the property taken?

When the allotment letter issued?

My father, on whose behalf I am asked the question, just told me that we haven't taken the possession ! All the due payments have been made though, the last one made in 2012.

Allotment letter was issued in 2003.

Thanks  

We recieved the 'Offer of Possession letter' in 2006

2003. As date of allotment..... can be taken as DOA

Case Name : Mrs. Madhu Kaul Vs CIT (Punjab & Haryana High Court)

Appeal Number : Income Tax Appeal No.89 of 1999

Date of Judgement/Order : 17/01/2014


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