Please Help: Capital Gain
Posted Date : 07-Dec-2011 , 10:39:25 am | Posted By AKHIL MAHESHWARI
For under Construction Flat Purchased from Builder 'Date of allotment' crucial for calculating Capital Gain n deciding Long Term or Short Term.
Can any one tell "allotment "means which date?
Can any one tell "allotment "means which date?
Category : Income Tax | Answers : 2 | Comments : 1 | Hits : 645
Answers
Answer By: Ashish Karundia
Dear Akhil,
In respect of under construction flat date of signing the sale/purchase agreement is considered as the date of allotment. In this regard, you can refer the case of Praveen Gupta vs ACIT 52 DTR 384(link - http://taxpundit.org/DTRPDF/52DTR/52DTR334.pdf)
In respect of under construction flat date of signing the sale/purchase agreement is considered as the date of allotment. In this regard, you can refer the case of Praveen Gupta vs ACIT 52 DTR 384(link - http://taxpundit.org/DTRPDF/52DTR/52DTR334.pdf)
Answer By: CA VIPIN GARG
Dear Akhil Ji, I am fully agree with Ashish Ji, date of agreement will going to be the date of allotment in the above case and no matter when it has been completed and became ready to use.
Hope you got the answer you were looking for, have a nice day Akhil Ji.......
Hope you got the answer you were looking for, have a nice day Akhil Ji.......
Comments
AKHIL MAHESHWARI
08-Dec-2011 , 10:40:01 amthnx Ashish ji and vipin ji..... thnx a lot 2 u both, when i asked this question 2 my seniors, they told me that they hv not seen the above case ever, then i thought that why the students get failure in the CA exams.....