Tax advise on capital gain

Can some one please advise me on capital gain on sale of a Rohini plot which was booked in 1981 but the possession was given only in last financial year.
I sold this plot in the same financial year. Will it be treated as short term capital gain or long term capital gain? and if short term capital gain, what is the tax rate and can the gain be deposited in tax saving deposit as in case of LTCG? more  

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Sir, gains from sale of the assets-moveable or immovable are treated as Capital gains- STCG and LTCG. Gains from STCG forms part of the income and taxed accordingly, as per income tax bracket one belongs. However, in order to determine tax rates, we have to first determine that whether this gain is Short term or long term. With esteemed regards. more  
Sir, I agree with Shri Goyal. In terms of provision under Section 2(42A) of IT Act for Capital Gains as interpreted by Hon'ble Tribunals/ Courts etc, the starting period of holding the property commences from the date of Allotment of Plot and not the date of giving the possession. In case of DDA, dates of allotment is normally much earlier than giving the possession in most of the cases. Since you have not indicated the dates of allotment and sale of the property, it may be difficult to calculate period of holding and indicate whether it would be LTCG/STCG. With esteemed regards. Ramesh Mital more  
One should always remember that public forums are no substitute to Chamber Consulatancy or consultancy by your own tax advisor as he knows all facts, KYC and background. Anyway certain benefits like investments in another residential houses etc are available only when the income from sold property is sold under teh head Income from house Property tat is the important issue which requires the nature of property to be determined accordingly. As this plot was neither rented nor self occupied , it is doubtful it can be taxed under the head Income from House Property. Once it is not taxable under Income from House Property it loses all benefits provided for sale and reinvestments in house properties. the normal benefits like special rates of Taxes, Investments in Bonds etc shall be available. more  
It will be treated as Short Term Capital Gains and tax rate thereon is 15% of capital gains. more  
per your tax slab. 15% is not there. For LTCG it it is 20% or 10% for immovable properties and movable properties such as shares,MF respectively. 15% is nowhere mentioned for immovable properties. more  
The date of allotment of plot is of material importance and will be counted for the purpose of capital gain as per a decision of the income tax tribunal. You may so calculate from the date of allotment if its a Long term or Short term capital gains. In case of Short term capital gains the whole amount of gain is to be dded to your annual taxable income and taxed as per your applicable income slab.. more  
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