Capital asset

Querist : Anonymous (Querist) 30 November 2010 This query is : Resolved
An individual plans to purchase residential property which is presently being constructed. The construction phase would take 2years-2.5 years and thereafter possession would be received. The individual will get the agreement registered within first 6 months of the construction phase.

In order to constitute a long term capital asset, when will the period of holding commence?

Will it commence from (i) booking and paying token money to builder or (ii) registration of docs (with or without payment of stamp duty) (iii) possession (receivable after 2.5 years)?

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