Advice Needed on Capital Gains Tax.

I have a query related to Capital Gains Tax. I bought a Flat in Pune in Oct 1997. Same Flat was sold on 15 April 2009. Agreement To Sale was done on 23 March 2009 along with Stamp duty. Sale-Deed was done on 15 April 2009. Possesion to buyer was given on 15 April 2009. In my case,transaction has been completed in TWO different Financial Years. F Y 2008-2009 As per Agreement To Sale basis AND F Y 2009-2010 As per Sale-Deed / posseion basis. Which Financial Year should be considered for computing Capital Gains Tax ?? Question is important because, indexation will be different in BOTH cases.

asked Dec 09 '11 at 12:52 by nitin5252 11

Sale agreement does not have much significance in capital gain computation.

Date of transfer is used in all computation. Such date is date of registration/possession. You should compute considering sale year as 2009-10 only. This would also lower your gains and income tax liability.

answered Dec 12 '11 at 22:47 by Pankaj Batra 5.2k320


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Asked: Dec 09 '11 at 12:52

Seen: 1,415 times

Last updated: Dec 12 '11 at 22:47