Case Law Details
Case Name : Richa Bagrodia Vs. DCIT (ITAT Mumbai)
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Mumbai
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The only issue that is to be decided is whether the date of allotment of the flat or the date of possession of the flat by the assessee should be considered as the date for computing the holding period of 36 months.
On perusal of the cited orders of the Tribunal (supra), we find that an identical issue came up for adjudication before the Tribunal in the case of Meena A Hemnani vs. ITO vide ITA No. 5998/M/2010 (AY 2007-2008), order dated 17th January, 2014 wherein one of us (AM) is a party and the issue was decided in favour of the assessee by relying on various decisions of the Tribunal as w...
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I have a query regarding Capital Gain Tax on sale of residential property.
I had purchased a flat with carpet area 510 sq ft in Mumbai in 1982 for Rs.1.00lakh. The property went into redevelopment and I was allotted a flat with carpet area of 700 sq. ft. consisting of 174 sq ft as incentive and 16 sq. ft. for consideration of Rs.272000/- which I duly paid to the builder. The agreement was signed and registered in October 2015. The possession of the new flat was received in February 2017. I sold the flat in February 2018 for Rs. 1.40 crore. Does this transaction attract LTCG or STCG tax and calculation of the same. Thanks
Booked a flat in 2009 which was supposed to be handed over by 2012. We made all payments as per schedule till 2012. But the project got delayed due to case on builder and we got the posssessing letter in 2016. The builder increases the cost of flat by increasing area of the flat . Due to which we fell short of funds and so got the registry done by 2018 . Now we r planning to sell the flat . How would the capital gain be calculated ? And from what date ? Should indexation be done from 2009 … when we made the first payment or how it needs to be calculated . Plz advise .
I Purchase the flat and Registered the Agreement on June-16,Allotment letter not given,Possession not yet given,as O.C.not Received till date, only permition is given for fit-out..
NOW
I,Sale my old Flat on Nov.-17 and given Possession also.
Whether I,am Eligible u/s.54 to sett off my LTCG against my flat purchased on June-16 ?
As per the narration of facts set out in the opening paras., the subject
matter of both the sale and purchase are ‘Flats’.
On the point of issue whether it is the date of agreement or date of actual
purchase/possession which is relevant, as readily remembered, the same issue
has been gone into and settled in taxpayer’s favour by the apex court in the
case of Sanjeev Lal v CIT; no knowing why that was not cited in the instant
case before ITAT.
For citation and a brief analytical discussion thereof, so also of certain other related points, anyone, if care to, may go through the published article- (2014)226 TAXMAN 143 – pg. 150,151.
Pl .help with following Query:
Mr.A & Mrs.A hold a single bungalow jointly.
The cost of constructing this house(Land + building) is separately reflected in their individual books.
Now they plan to sell this house and buy two different residential houses to save capital gains arising from their share on this property..
Query is:
1) Can two joint holders who sell one property buy two different properties from the
sale of a jointly owned property for claiming capital gains exemption?
Thanks in Advance