Capital Gain

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HARVI SHAH (Querist)
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17 March 2009 In case of an immovable property if the agreement is entered for sale and is registered but the part of remittance is to be received in next Financaial year i.e. 2009-2010 than when the Long Term Capital Gains will be subject to taxation in Financial Year- 2008-09 or 2009-10?

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)
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17 March 2009 If it is agreement to sell it will not come under the purview of transfer u/s 2(47) since the sale may or may not materialize. but if sale deed is executed then capital gain will be taxable in the year in which it is executed since it amount to transfer u/s 2(47). if that is the case, year of reciept of consideration is not a criteria. further if sale agreement is registered and possession is given to the purchaser then situation will differ. in that case it amounts to transfer and taxability arises in the year in which agreement is executed

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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17 March 2009 I AGREE WITH MR.KRISHNA KUMAR

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