capital gains tax

Hi, I have a plot from HUDA in Haryana which was alloted to me in March 2008.I have paid 25% upfront and and paying the remaining amount in annual installments.Half of the amount still needs to paid. If i sell the plot after Mar 2011, will the sale fall under long term capital gains? Also I aplied for the plot with 10% of the amount around oct 07,will the counting of three years start from Oct 07 or March 08. thanks!

asked Feb 13 '11 at 02:32 by Sumitkumarbhan 1111

If you sell plot after Mar 2011, it will be considered long term capital gains.
Allotment/Possession date can be considered while computing long term capital gains.

answered Feb 14 '11 at 05:21 by pankaj 5.2k320

thanks Pankaj.
(Feb 15 '11 at 20:31) Sumitkumarbhan

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Asked: Feb 13 '11 at 02:32

Seen: 1,938 times

Last updated: Feb 15 '11 at 20:31