26-12-09
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#1
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New Member
Join Date: Dec 2009
Location: Geneva, Switzerland
Posts: 3
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Holding period of residential property in relation to Long Term Capital Gains
Hi,
Holding period of a residential property for long term capital gains tax is often said to be from the date of registration of the transfer of ownership. Some have defined the holding period as from the date of POSSESSION. I should highly appreciate if someone could kindly elaborate on what is precisely taking possession of a property. For the sake of convenience, some builders register the transfer of ownership of flats in a group days and even weeks before one or more of the flats are actually ready for occupation. Even one set of keys are given to the future owner although there could be no question of the owner physically occupying the flat in the midst of hectic work activities. In such cases which would be the crucial date for determining the holding period - the date of first registration of a group of flats or the date on which all work was completed and each flat was finally occupied by the owner, who then also took over from the Builder the responsibility for paying corporation tax, electricity bills etc? Many thanks in anticipation
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