hi..my father purchased a flat in pune in oct-2008 in a society.we made payment slab wise as described in agreement.and agreement (saledeed) was done in oct-2008 itself.
the last installment of payment and society mainatance charges paid in mar-2011.
the builder handed over a posseion letter on mar-2011.
my father expired in april-2012.now as a successor we rest of family are selling the flats.
now my question is if i sell that flat now means in aug-2013..does the profit comes under SHORT TERM CAPITAL GAIN OR LONG TERM CAPITAL GAIN.
I ALREADY TAKEN ADVICE FROM SOME IT CONSULTANTS.
SOME OF THEM SAY IT WILL HAVE LONG TERM CAPITAL TAX GAIN CONSIDERING DATE OF AGREEMENT(SALEDEED).(OCT 2008+ 3YEARS)
BUT SOME SAYS POSSESION DATE IS CONSIDERED AND NOT A AGREEMENT DATE..SO IT COMES UNCER SHORT TERM CAPTIAL GAIN TAX.SO I WILL HAVE TO SELL IT ONLY AFTER MAR-2014(POSSEION DATE MAR-11 + 3 YEARS=MAR 14).
NOW I AM CONFUSED .
WHICH DATE SHOULD BE COSIDERED AS PER INDIAN IT LAW..?
AND IS THERE ANY WAY OUT LIKE CAN I DO MOU BETWEEN THE BUYER NOW AND GIVE POSSEISSION IN APRIL 2014.ETC.
PL HELP..
