Hi,
I entered into an agreement to sale for an under construction property in June 2008. The builder has completed all the work in May 2010 and handed over the property to me. However a formal possession letter is not issued since the 'occupancy certificate' from the local authorities is pending yet. Hence though utility bills (phone, electricity,..) are paid by me, the corporation taxes are not.
If I wish to do a sale now with immediate handover, will the same be treated as long term capital gain OR short term?
I entered into an agreement to sale for an under construction property in June 2008. The builder has completed all the work in May 2010 and handed over the property to me. However a formal possession letter is not issued since the 'occupancy certificate' from the local authorities is pending yet. Hence though utility bills (phone, electricity,..) are paid by me, the corporation taxes are not.
If I wish to do a sale now with immediate handover, will the same be treated as long term capital gain OR short term?