9911796707
TMI BlogCapital GainX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, Please share your views in case of Capital Gain whether date of booking or date of possession is taken as date of acquisition?? Please refer some latest case laws too. Regards, Reshma - Reply By DEV KUMAR KOTHARI - The Reply = For capital gains 'the date of acquisition' and 'the cost of acquisition' of capital assets are important.. Date of booking is only the date of to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acquire some rights as a buyer in terms of contract/ booking. Acquisition of property will be complete only when possession of property is received. In case of transfer of contractual rights (and not property). the date of agreement may be relevant. In such cases transfer of contratual rights should be before taking over possession. Once possession is taken, property is acquired, and to tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t extent rights in contract are reduced, thoug some rights may still be available. - Reply By Reshma kochar - The Reply = Thanks Sir, I read so many cases where it says that date of booking will be considered as date of acquisition not the possesaion date. like P H high court judgement in Vinod kumar jain 's case. Please clarify the same... Regards, Reshma - Reply By DEV KUMAR KOTHARI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - The Reply = Please send full citation of judgment of P H High Court , I could not find it in search. This may be in context of peculiar facts or some other context. Date of booking may be considered as date of investment in property for the purpose of dedcutions for reinvestmetn etc. but not for computation of capital gain on sale of property itself. With respect, I differ to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view that date of booking will be date of acqisition. At the time of booking property is not even ready, so how it can be acquired.Date of allotment of ready flat can be considered as date of acquisition though registration took palce lateron. - Reply By Reshma kochar - The Reply = Thanks Sir, I refer P H high court decision in Vinod kumar Jain V/s CIT (2010 (9) TMI 850 - Punjab and H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aryana High Court ) Please clarify on the same. Regards, Reshma - Capital Gain - Query Started By: - Reshma kochar Dated:- 26-12-2011 Income Tax - Got 4 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
