14 January 2015
Hi All, One of My Client Book a Flat In His Name and Make the payment in Installment when it due as per the Term & condition Prescribed by the developer. However before registered the property in his name he sold out the property to Some one Say Y.and change the nomination name of the flat and handed over to Y, Now Y Should Make all Payment from onward to Developer as The Assess has done yet now,and The Developer change the nominee name and charge some notional amount to Assess for change of Nomination of Property. My Client Paid a sum of Rs 48 Lacs (Appx) to developer and Take from Y Rs 55 Lacs (appx) and earn a profit of Rs 7 Lacs Appx
Now My Question is whether capital Gain tax comes to the picture or not ?? Because here the capital assets is transfer but actually in legal document nomination name is change and not shown like assets transfer and all amount are transact through bank a/c??
CAclubindia
