Property resale under which tax

Hi Dipak.

Happy Dussehra!

the date on which the flat is allotted to you or the agreement is signed between builder and you where conveyance title of the flat is passed to you, would be considered as the date of acquisition of the flat.

if the date of allotment of the flat is aug 2011, then same would be considered as date of acquisition of flat and would be indexed to arrive at capital gain.

it will come under as long term capital,

here is the case law for your reference and understanding.

http://taxguru.in/income-tax/date-allotment-date-possession-compute-capital-gain.html

Dear Deepak,

Please let us know the date on which you received the allotment letter from the builder.

please feel free to revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

is there any agreement signed before registration.

if you have, does it specially mentioned the flat number allotted to you and title in flat is being transferred to you.

then in your case date of acquisition is to be taken as march 2013.

cost of acquisition will be Rs 24Lacs

capital gain 45 - 24*1125/852 = Rs 13.31 Lacs

your is long term capital gain,

if you invest the capital gain amount under section 54 or 54EC, then you can save yourself from paying tax on capital gain

otherwise you need to pay 20% tax on long term capital gain.

If the payment letters mentiones the flat number it can be argued the allotment has been made and the date of first payment letter which mentions the flat number can be termed as date of purchase.

Hello Sir,

As per the details provided by you, it appears that you do not any documentary evidence before your Date of Registration in March 2013 other than your Bank Statement.

In such a case your date of purchase shall be March 2013 and indexation shall be considered from March'2013 unless you want to fight it out and claim that the Date of Purchase was August 2011 which again involves time lag, legal cost and professional fees. So consider all the details and plan your decision accordingly.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP.

sir i think the conversation is on with our professional colleague. If you have any doubts u can reach us on modani005@gmail.com