Query regarding long term capital gain
Ramesh Kumar Pandey
(Querist) 13 June 2014
This query is : Resolved
Dear sir, I Have Alloted a Property Through Valid Documents on 08/06/2006 and make a Registry on 31/08/2008 after that the same property sale on 05/09/2010 through valid registry and claim to the Income Tax Return as Long Term Capital Gain but ITO denied to give a benefit and demand me Tax for Short term Capital Gain
My query is that Can I avail Long term Capital Gain or any IT Law in this regard please suggest
adv. rajeev ( rajoo )
(Expert) 13 June 2014
It was alloted on 8/6/2006 but registered on 31/8/08 it is regd., so from this date you are the owner and in possession of the property. And within three years you sold it.
So in my opinion ITO is correct.
Rajendra K Goyal
(Expert) 13 June 2014
It is short term capital gain, agree with the expert.
Dr J C Vashista
(Expert) 14 June 2014
I agree with the experts it is short term capital gain.
T. Kalaiselvan, Advocate
(Expert) 15 June 2014
Yes, since the property is sold within three years from the date of registration, it can be termed as short time capital gain only, hence the income tax officer is right.
