Long term capital gain on sale of apartment - reference date
Querist :
Anonymous
(Querist) 01 October 2011
This query is : Resolved
Pls clarify if someone books an apartment of Unitech in Gurgaon and after construction the conveyance deed done in Dec.2008 but as he dies immediately after registry, his daughter took possession of aptt in July 2009 as per possession letter of builder. Tell me 36 month will be taken from which date to be eligible for availing LONG TERM CAPITAL GAIN on sale of this apartment. Can it be sold in January 2012 i.e 36 months after Registry date or She has to wait till July 2012 i.e 36 months from Date of possession letter from builder to him.
An early views will be highly appreciated.
R.Ramachandran
(Expert) 02 October 2011
Since the conveyance deed was registered in Dec. 2008, the property stands transferred from that date. As such, the three year period would count from Dec. 2008.
prabhakar singh
(Expert) 02 October 2011
i completely agree with Mr.Ramachandran,the date of purchase is the date to begin with for counting 36 month for long term capital gain purposes.
Shailesh Kr. Shah
(Expert) 02 October 2011
The conveyance deed has been executed on Dec-2008 then possession is not material. Period would be count from the date of execution of conveyance deed.
Guest
(Expert) 02 October 2011
I am of the view that since the daughter would be the beneficiary since July 2009 and the long term capital gain would accrue to her to be claimed for herself, not for and on behalf of her father, the property must be held for more than 36 months by daughter to claim such benefit.
soumitra basu
(Expert) 04 October 2011
I do agree with Mr. Ramchandran but not agree with Mr. Dhingra since in case of property owned by succession, date of holding of the previous owner shall also be treated as the holding of the present owner.
Querist :
Anonymous
(Querist) 09 October 2011
Pls give your views on following view:
dhiraj aggarwal,TAXPOINT (Director),9829551008 Says:
[ Scorecard : 77]
As per Section 49(1) read with section 2(42A) of income tax Act, period of holding should be taken from the date of possession of property in case of immoveable property
