Capital gain
This query is : Resolved
Ganpat Khemka
(Querist)
24 December 2011
If a person has purchased a property during the year 2005-06 but does not register and get it registered in 2011-12 and pay registration charges as per todays stamp duty valuation. What is the tax implications in the hands of purchaser n seller on such registration?
hope this wil be entertained at earliest
hope this wil be entertained at earliest
CMA Arif Farooqui
(Expert)
24 December 2011
Purchase of property will be consider only in year 2011-12 when property actually transfer.
Amount paid by you in year 2005-06 will be consider as advance for propery. so if propery is transfer in less than 3 year from 2011-12, will STCG
Amount paid by you in year 2005-06 will be consider as advance for propery. so if propery is transfer in less than 3 year from 2011-12, will STCG
CA. RAGHAV GARG
(Expert)
24 December 2011
Sad but Mr. Arif is right. Sale only took place in 2011-12
However, Seller will get benifit of indexation till 2011-12, and it will be surely LTCG for seller.
As a purchaser,you can't do anything but sell after 3 yrs or ready to pay STCG.
However, Seller will get benifit of indexation till 2011-12, and it will be surely LTCG for seller.
As a purchaser,you can't do anything but sell after 3 yrs or ready to pay STCG.
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