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FAQ: From which year is capital gains tax calculated? - Property Hotline
Posted
June 9, 2016
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June 9, 2016
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2:23Now PlayingBe Un Confused
Expert: Pannkaj Ghadiali, Managing partner, PC Ghadiali & Company
Q: I plan to sell a flat I purchased in 2007. I bought it while it was under-construction and took a loan for it. It was registered in 2011. Should I calculate capital gains tax from year of purchase or year of registration? I have the payment receipts of the builder dated 2007. The sales deed and registration date is 2011.
Answer: The IT department's view would be that since the capital asset in the instant case is a flat, construction of which is already completed, the capital gains should be computed by taking cost inflation index (CII) of the year of registration i.e. 2011. However, my personal view is that since the asset in whatever form was acquired in 2007, the CII of 2007 should be the base year for calculation of Capital Gains. This view is possible but not free from litigation.
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