LTCG / Under construction flat / Selling before or after possession ?

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..... LTCG / Under construction flat / Selling before or after possession ?
Query (Issue) Started By: - Sunil Mittal Dated:- 20-7-2012 Last Reply Date:- 4-8-2012 Income Tax
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Income Tax< .....

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..... br>Hi I booked from builder under construction flat in Aug 2006 . It will be ready for posession in Oct 2012 . I want to know the following . 1) If I sell before possession , will the gain be LTCG ? .....

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..... 2) If I sell immediately after possession ( means after registry in my name ) , will the gain still be LTCG or I have to wait another 3 year after possession to avail LTCG ? Reply By sanjeev bajaj .....

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..... : The Reply: Dear Sunil Mittal 1. If You sell the booking of flat before possession than it will be considered as selling of rights of such flat as it is not house property. Accordingly it will be c .....

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..... onsidered as LTCG as more than 3 years has been elapsed. 2. I f you sell after possession, whether sale deed is executed or not than it will be considered as house property then the period will be co .....

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..... unted from the date of possession when you become the owner. Regards Sanjeev Bajaj
Discussion Forum - Knowledge Sharing .....

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