Capital Gain

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..... Capital Gain
Query (Issue) Started By: - Reshma kochar Dated:- 26-12-2011 Last Reply Date:- 2-1-2012 Income Tax
Got 4 Replies
Income Tax
Dear Experts, Please share your views in case of Capital Gain whether date of booking or date of possession is taken as date of acquisition?? Please refer some latest case laws too. Regards, Reshma Reply By DEV KUMAR KOTHARI: The Reply: For cap .....

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..... ital gains 'the date of acquisition' and 'the cost of acquisition' of capital assets are important.. Date of booking is only the date of to acquire some rights as a buyer in terms of contract/ booking. Acquisition of property will be complete only when possession of property is received. In case of transfer of contractual rights (and not property). the date of agreement may be relevant. In such c .....

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..... ases transfer of contratual rights should be before taking over possession. Once possession is taken, property is acquired, and to that extent rights in contract are reduced, thoug some rights may still be available. Reply By Reshma kochar: The Reply: Thanks Sir, I read so many cases where it says that date of booking will be considered as date of acquisition not the possesaion date. like P&H h .....

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..... igh court judgement in Vinod kumar jain's case. Please clarify the same... Regards, Reshma Reply By DEV KUMAR KOTHARI: The Reply: Please send full citation of judgment of P & H High Court, I could not find it in search. This may be in context of peculiar facts or some other context. Date of booking may be considered as date of investment in property for the purpose of dedcutions for reinvestm .....

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..... etn etc. but not for computation of capital gain on sale of property itself. With respect, I differ to view that date of booking will be date of acqisition. At the time of booking property is not even ready, so how it can be acquired.Date of allotment of ready flat can be considered as date of acquisition though registration took palce lateron. Reply By Reshma kochar: The Reply: Thanks Sir, I r .....

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..... efer P & H high court decision in Vinod kumar Jain V/s CIT (2010 (9) TMI 850 - Punjab and Haryana High Court ) Please clarify on the same. Regards, Reshma
Discussion Forum - Knowledge Sharing .....

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