Capital Gain on sale of Apartment

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  1. Ankur Rawal

    Ankur Rawal New Member

    As I know Capital gain on property is derived as long term if you owned the property for 3 or more years. But what if

    1. Booked an apartment in 2010 on CLP
    2. Paid the last amount to builder in 2014
    3. Physical possession in 2015
    4. Registry in 2015
    5. Sale in 2016

    Which dates should be used for deriving whether it's a long term capital gain or short term capital gain?

    Moreover do we deduct interest while calculating the capital gain?
     
  2. Although the fact is to be proved that you were the actual owner of the property on the date mentioned. The year when you had taken the possession of property and the actual ownership document/s ( i.e Registry in your name etc.) were handed over to you legally, may be taken as the year of acquisition in my opinion. However, it is always better to consult a professional before taking final decision.
     
  3. Karan Batra

    Karan Batra Well-Known Member

    The date of booking the apartment would be considered as the date of acquisition as it give you a right over the property
     
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