SIr, i posted the question before but did not gave full details. I purchased a property in Gurgaon in Nov 2010. I made 95% payment upfront and the unit was alloted (15 jun 2010)to me and agreement was signed and registered(04 Nov 2010). As per agreement possession was supposed to be given after 3 years i.e Nov 4 2013. Builder gave the possession 9 months late on August 21, 2014. I made the full payment and took the possession. Now i plan to sell off my floor in Gurgaon. Will this create a problem. Whether i will be taxed long term or short term Capital gain. If it is short term gain then how much my wife and i have to pay it as we both are owners.
Dear Sir,
It will be long term capital gain tax.
The date of acqusition is the date of allotment letter.
The tax between you and your wife will depend upon the fact that who has funded the property. If you have funded the property, it will be taxable entirely in your hands.
Please feel free to call/revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hii
As per details provided by you
You gain is Long Term Capital Gain
Coz allotment made In 2010
For Tax payment first we have to calculate how much capital gain you earn after that tax amount calculation and tax planning possible
Hello Sir,
On the basis of the details provided by you, since you have received the allotment in Nov'2010 you will be charged for Long Term Capital Gain.
The amount of capital gain shall be taxed in both your hands on the basis of the amount funded by each of you.
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
Hi
Since the allotment is in 2010, the gains will be taxed as long term capital gain. Tax will be borne by you and your wife, based on the proportion of the amount invested.
Trust this clarifies your query.
Regards
Keerthiga Padmanabhan
M.Com., CA, LLB
Sir as per our view it is short term. But need to check the Allottment letter as there are many case laws favouring and also against the same .
Date of acquisition is the date when your right to purchase the property was established. This would be the date of allotment (15-Jun-2010). This will be Long-term capital gain.
Also, Budget 2017 has amended the period of holding for the purposes of Long-term capital gain (w.e.f 1-Apr-2017) to 2 years from the existing 3 years.
It will be long term gain since date of allocation and agreement was in 2010.
Capital gain amount can be calculated considering indexation benefit and share of you and your wife
