Property resale under which tax

Hi this is Dipak,
I have booked flat in aug 2011, registered flat in march 2013 and got possession in October 2014 now selling that flat in October 2016. so I want to know it will come under which tax long term or short term ?
Asked 2 months ago in Capital Gains Tax from Pune, Maharashtra
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
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
  Talk to Vishakha Agarwal
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
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
773 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
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.
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
  Talk to Vishakha Agarwal
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.

Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
  Talk to Vishakha Agarwal
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.
Abhishek Dugar
CA, Mumbai
773 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
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.
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
sir i think the conversation is on with our professional colleague. If you have any doubts u can reach us on modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
773 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
197 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
76 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
4.9 on 5.0
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
Ria Nagpal
CA, Ahmedabad
28 Answers
5.0 on 5.0
Bhagyashree Kankaria
CA, Pune
26 Answers
5.0 on 5.0