Capital Gains - Date of Possession or Agreement considered?

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  1. S Rajshekar

    S Rajshekar New Member


    I have a query on what date to consider for determination of STCG or LTCG. I have a residential flat, whose significant dates are as follows:
    1. Flat booked in 2008, with first payment.
    2. UDS (Undivided share) of the land registered in my name in the form of a sale deed in 2010.
    3. 95% of the cost of the flat paid up by 2011 end.
    4. However, flat possession took place only in 2013, due delays from the side of the promoter.
    I would like to sell the flat now by 2014 end. If I am able to do so, will the gains accrued be treated as STCG or LTCG.

    Thank you.

  2. Parul_Gupta

    Parul_Gupta Active Member

    As undivided share was registered in 2010 and it has been more than 3 years, therefore this is a long term capital asset and gains arising from sale of this asset would be long term capital gains.
    S Rajshekar likes this.
  3. S Rajshekar

    S Rajshekar New Member

    Thank you very much, Akanksha. I hope it is not the possession date that is considered.

    Also, how am I supposed to show this property in my ITR. I have not taken any loan for this, and the possession was also delayed. Right now the property is not let out, and I am also not occupying it.
  4. Parul_Gupta

    Parul_Gupta Active Member

    You acquired a right in the property in 2010 itself therefore the date on which the land was registered would be considered.
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