Date for calculating Capital Gains

Dear Ashal, Kindly inform that from which date is the purchase of my flat considered valid. From the time of booking, from the time of registration or from the date of possession letter received. As this shall help me calculate whether it will be a short term or long term capital gain as the time from when I booked the flat to the time I will receive possession is spread on 3 yrs gap.Thanks….Jas

Dear jasper, Although i don`t have right now with me the exact details of some recent judgements of Honourable Supreme Court & various High courts (In terms of Case Nos., year of J`ment, respondents etc.), the moot point of all such j`ments was, The rights of ownership `ll be calculated from the date of making considerable & adequate payment to purchase the property (normally it relates with the date of registration of property). In such j`ments, the h`ble courts observed that, during prolonged delay of possession (for any reason), The rights over the property were with the purchaser & delay of actual possession was simply the delay in actual use of property not delay in its ownership.So u may consider ur date of registration for capital gains purpose.
Thanks

Ashal

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