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?