Computation of capital gains on sale of flats

srinivas (Querist) 05 November 2008 This query is : Resolved
Mr.X being the owner of land has entered into a Joint Development Agreement in oct.2007. His share in the developed property is 8 units. He has purchased the property in 2004 May. He wants to retain 2 units and sell the remaining 6 units.

What is the date to be taken for calculation of capital gains?

whether it is a short term or long term capital gain If Mr. X sells his property now(NOV.2008)?

Whether the date of the joint development agreement or date of registration of flats to be taken for the purpose of computation of capital gains?

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Manish Singh (Expert) 09 December 2008
capital gain is to be calculated from may 2004. its a long term gain. while calculating capital gains, you need to include the price of structure built on the share you want to sell.

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