How can we reduce tax?- Property Hotline
August 18, 2016
12
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4:06Now PlayingHow can we reduce tax?- Property Hotline
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as posted by the channelExpert: Ashish Sodhani, Associate - International Tax Practice at Nishith Desai Associates.
Question: My brother and I jointly bought an under-construction, residential property in 2011. I made the first payment in 2011. I received the possession letter in January 2016. I sold the property in August 2016. Am I eligible for long-term or short-term capital gains tax? What should I do to reduce tax?
Answer: Capital gains of property are calculated from the date of possession. Since possession was given in January 2016, the holding period should begin from that date. Since the property was sold in 7 months, it should be considered to be short term and capital gains should be payable accordingly.
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