Capital gain

Tamilnadu Housing Board allotted a plot to me in Chennai in 1967 on lease-cum-sale basis.I had fulfilled the conditions of the allotment within the stipulated period and constructed a residential house on the plot in 1975 and have been living in it ever since. I have been paying the house tax on the property for the last 40 years. I was remiss in getting the plot transferred and registered in my name and got it done only in October, 2008. Can I sell the property now and get the gain treated as long term capital gain or should I wait till October, 2011 for 3 years to elapse since the date of registration? KSR

asked Jun 01 '11 at 07:21 by KSR 1111

As you got the possession of plot in 1967 and constructed house in 1975. You can treat 1967 as year of acquisition and compute long term gain on based of that.

It will be for sure treated as a long term capital gain only.

answered Jun 01 '11 at 13:43 by Pankaj Batra 5.2k320


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Asked: Jun 01 '11 at 07:21

Seen: 1,906 times

Last updated: Jun 01 '11 at 13:43