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Capital gain on sale of residential house property

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(Querist)
06 August 2012 When does the capital gain on sale of residential house property arises, on receipt of sale consideration or on tranfer of legal ownership ?

Please specify the section and other concern information
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Amol S Joglekar

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Amol S Joglekar (Expert)
06 August 2012 whichever is earlier. Income tax being revenue act, the case laws always suggest that it is on the basis of whichever is earlier.
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Gopal

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Gopal (Querist)
11 August 2012 Can you please specify the sources?
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Amol S Joglekar

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Amol S Joglekar (Expert)
11 August 2012 sec 53A of the transfer of property act.

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