Capital Gains on under construction property

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  1. JSK

    JSK New Member

    Dear Karan,

    I like your forum for tax and a regular visitor. I have a question for which I get different answers:-

    I had purchased a flat in 2009 which was under construction and had got it registered in my name on booking itself. I am about to get possession of the flat, how ever have an option to sell it before taking possession. The person at the builders office is of the opinion that if I sell it before taking the possession it will be taxed as a long term capital gain. However if I sell it after taking the possession it will be a short term capital gain. My CA advises me that it will be a short term capital gain and the same will continue to be a short term capital gain if I sell it before 3 years after taking the possession. Kindly let me know your views. Thanks.
     
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