Do you know about any cheap long term 1room aparments in Rome?

How to know weather it will fall under long term or short term capital gain.?

• In May 2006 I registered for a house. I got the possession in June 2009. I am planning to sell it but how to know weather it will fall under long term or short term capital gain. Because for a long term capital gain the should be owned for at least three years. But three years since registration or three years since possession.

• Answer:

  As per Income Tax Act, the income would be taxable only when you have actually earned it. Since the house was not in possession with you in 2006 that means no income( whether rent or capital appreciation) was enjoyed by you during these three years. Hence registration in your name in 2006 and advance payment for the same in that year would not make it taxable. Hence you re liable for STCG.