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Allotment Letter date can be date of acquisition for Calculating Long Term Capital Gain
Case Law Details
- Case Name
- Mrs. Madhu Kaul Vs CIT (Punjab & Haryana High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Punjab and Haryana HC
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CA Sandeep Kanoi
Recently P&H High Court has held in the case of Mrs. Madhu Kaul Vs. CIT that identification of the flat or physical delivery of possession is irrelevant as right to hold properly stands crystalised upon allotment. The allotment of a particular flat and delivery of its possession would relate back to the allotment. The payment of balance installments, identification of a particular flat and delivery of possession are consequential acts, that relate back to and arise from the rights conferred by the allotment letter.
Brief Facts : – The appellant filed a return of in...
Author Info
Yes, certainly, its calculated from booking/ first installment.
yes, certainly. it calculates from first instalment.
pls correct me (also not sure if prev post got registered)
i have purchased an under construction flat in mumbai on 15 april 2014 and got allotment letter
now project is ready , if i do registration on 30 april 2016 (not taken possession)
and if sell on 20 april 2017 ( 3 years from date of allotment letter and one year within registration)
am i eligible for
1) Long term capital gains
2) Can i claim my stamp duty as selling within one year
3) indexation benefit from date of allotment letter
Regards
pls correct me (also not sure if prev post got registered)
i have purchased an under construction flat in mumbai on 15 april 2014 and got allotment letter
now project is ready , if i do registration on 30 april 2016 (not taken possession)
and if sell on 20 april 2017 ( 3 years from date of allotment letter and one year within registration)
am i eligible for
1) Long term capital gains
2) Can i claim my stamp duty as selling within one year
3) indexation benefit from date of allotment letter
Regards
So if i have understood, please correct me , i
f i have bought an under-construction flat, on ALLOTMENT LETTER, in mumbai
on april 15 2014
and i got handover in feb 2016 which i have not occupied and i do registration of flat on 15 may 2016
and if i sell the flat on 30 april 2017( 3 years after date of allotment and within one year of registration)
1) can i get long term capital gains ?
2) can i claim my stamp duty as selling within one year of registration?
3) can i get indexation benefit since date of allotment ?
So if i have understood, please correct me , if i have bought an under-construction flat,on allotment letter, in mumbai
on april 15 2014
and i got handover in feb 2016 and i do registration of flat on 15 may 2016
and if i sell the flat on 30 april 2017( 3 years after date of allotment and within one year of registration)
1) can i get long term capital gains ?
2) can i claim my stamp duty as selling within one year of registration?
3) can i get indexation benefit since date of allotment ?