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How to calculate holding period to avail IT exemption?- Property hotline
Posted
September 8, 2016
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September 8, 2016
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1:00:01
1:17Now PlayingExpert: Shipra Padhi, Member - International Tax Practice at Nishith Desai Associates.
Question: To avail I-T exemption for under construction property, which date should be considered for holding period? If I transfer a property to someone else after retaining it for three years from the date of allotment or possession without getting it registered, can I avail the benefit of long-term capital gains?
Answer: In case of under constructed property, the capital asset is not the property itself but the right to conveyance of such property. In that case, holding period will typically commence from date of allotment. And it can be only considered if you hold a single residential house.
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