Hi,
I wish to know what is the purchase date considered for a property which is purchased from a builder and takes time to be built. The builder usually spreads the entire payment into multiple installments.
My objective is to hold a property for > 2 yrs and then sell it so as to incur long term capital gain. But I dont know what date should I consider as purchase date for the same.
I can think of the following , pl help on what applies:
- Is it the date when all installments for the property are paid to the builder (in this case , does only the sale value installments count or other payments like , club house, corpus etc also needs to be paid?)
- Is it the date on which the builder issues a possession certificate?
- Is it the date on which the property is registered in my name?