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TRANSFER OF PROPERTY

(Guest)

If any house property has been agreed to be sold and full value of consideration has been received, in that case whether it will be treated as transfer under capital gains?

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4 Replies

(Guest)

possession of that property has not been given and no sale deed has been prepared, Whether such sale agreement will give title of ownership to purchaser?

Gaurav (Artical) (38 Points)
Replied 21 December 2009

In case of Hosue proerty capital Gain is applicablie when Possion is tranfer.

Shashi Bhushan (Learner, Jalandhar) (996 Points)
Replied 21 December 2009

Yes it will amount to Transfer. even if the property is not yet registered in your name YOu will be liable to CAPITAL GAIN HOUSE PROPERTY INCOME and also WEALTH TAX.

Harshal (Article Assistant ) (182 Points)
Replied 21 December 2009

Under Section 2(47)(v), transfer is considered only when either possession is given or part performance of the contract has been performed...

Here in the present case, Full amount of the consideration has been received and so it will be termed as transfer and it will fall under capital gains...