The Mumbai Tribunal has recently ruled that holding period should be computed from the date of issue of allotment letter by the developer. If the investor sells the property 36 months after receiving the allotment letter, it will be considered as a long term capital asset. The seller would then need to pay LTCG tax on it, which would reduce his tax outgo. This judgement follows the decision of high courts in the case of Commissioner of Income Tax (CIT) vs K Ramakrishnan and CIT vs SR Jeyashankar.
1. Yes, the agreement date or allotment date of calculation of time period and the agreement shall be treated as valid conveyance for transfer of the property so the indexation shall be calucated as sale of Immovable property you will get the benefit of long term capital gains.
2. if nothing in agreement of share is written than it will be deemed to be 50 percent share of the both the individuals.When two or more people buy a property but do not specifically mention the share that each has in the property, a 'tenancy-in-common' is created. All the coowners can use the entire property and every co-owner is deemed to be having an equal share in it. So you can claim 50 percent capital gains out of your share.With respect to property jointly owned by co-owners, Section 26 of the Income Tax Act gives clear guidelines for taxation of the share of such co-owners in a building. The share of income in the property, may be either in the form of rentals or may even be capital gains arising at the time of sale of such building. The section provides that in case the share of each of the co-owners is clearly defined and is ascertainable, then, the respective share of each co-owner shall become taxable in their hand as an individual. And both can get benifit under Section 54F on purchase of house.