I have a simple question:
We received an "Allotment letter" for our plot of land from the "Society" who owned several such plots, in 2007.
However, the "Registration deed" was executed only last year(July 2012), the deed however clearly mentions that the lease period of the said plot of land is for 999 years, starting from 2007.
So are we considered the plot's owners since 2007 (date of Allotment letter), or from 2012(Date of registration deed)??
This date is of interest because if we have to sell the plot of land, it should not come under Short term capital gain tax(< 3 years ownership)!
Please advice...
Mandar
We received an "Allotment letter" for our plot of land from the "Society" who owned several such plots, in 2007.
However, the "Registration deed" was executed only last year(July 2012), the deed however clearly mentions that the lease period of the said plot of land is for 999 years, starting from 2007.
So are we considered the plot's owners since 2007 (date of Allotment letter), or from 2012(Date of registration deed)??
This date is of interest because if we have to sell the plot of land, it should not come under Short term capital gain tax(< 3 years ownership)!
Please advice...
Mandar