Date Of Agreement Or Date Of Possession

3. Yes the owners allow you to sell the apartment before the property, as they have transferred the right to apartments in your favor and now it is up to you to take the call. It depends on your negotiations with the owners. This expert`s complaint is directed against the decision of the CIT (A) -2, Mumbai of 07.12.2016, which in turn stems from the A.O.`s decision under section 143, paragraph 3, of the Income Tax Act 1961 (“Law”) of 30.11.2015. The expert who is attacking the decision of the CIT (A) has submitted the following means of appeal: Indeed, in January 2019, the Supreme Court of Bombay has decided that, for the calculation of capital gains on the sale of real estate, the date of the award is the date of acquisition of the property. And the decision of the ITAT in Mumbai repeats the principles established by the Bombay High Court. Under Section 54, the capital gain is tax-exempt to the extent that it is invested in the purchase and/or construction of another home. If the new asset is transferred within three years of the date of its acquisition, the cost of acquiring this smart property for calculating the capital gain from that transfer is reduced by the amount of the short-term capital gain. 3. At the time of the hearing of the immediate complaint, counsel for the notator argued that the two authorities had acted improperly in determining the “detention period” after the date of “possession”, i.e. September 30, 2009, the date of execution of the purchase.

The property was sold on 4-8-2010, so the “participation period” was less than 36 months. However, it is well established that the “detention period” provided for in Section 2 (42A) of the Act must be taken into account from the date of award and not from the “date of possession.” He also referred to the Mumbai court`s decision in The case of Anita D. Kanjani v. ACIT, ITA 2291/Mum/2015 and, in CIT v. Anilaben Upendra Shah (2003) 262 ITR 657 (Guj): 2003 TaxPub (DT) 0122 (Guj-HC) passed by the Hon`ble Guratja High Court, copies of these were also filed with us.