15 March 2015
Dear members
One of my client have a case when he sell property 25 years ago for consideartion of 250000 but registree not made. today he want to transfer this property name of buyer .
My query is he liable to tax if he would not receive any consideratio.
early reply appreciateb me
Thanks you
30 April 2015
whether your client has any evidence that same was sold before 25 years. For Example change in name of Municipality and other government and revenue records, some kind of registration in name of buyer under Shop and establishment Act, Electricity Meter, ration card, election card etc are additional proof which may be useful to establish the fact.
In this case while making document you have to mention that same was sold before 25 years and as at that time full consideration was received there is no question of once again receipt of consideration . However you will have to pay registration fees and utilise stamp at current juntri Value.
CAclubindia
