Capital gain or business

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Rakesh V Sharma (Querist)

07 August 2015 Kindly give the Solution and tell how it is treated in return?
A person has shop costing Rs 2000
/- in 1981. He Sold it in 2007 by executing an agreement in Rs 900000/- but no registry has been done.
A cheque of advance received Rs 750000/- in 2007. But no Registry has done in that year. DLC was Rs 700000/-.
Registry was done in AY 2015-16 and DLC is Rs 1950000/-.

Amol S Joglekar

Amol S Joglekar (Expert)

07 August 2015 what do you mean by DLC? Please clarify.

Another point worth considering would be section 53A of the Transfer of Property Act. Please check if your transaction is hit by the same.

Rakesh V Sharma

Rakesh V Sharma (Querist)

07 August 2015 DLC is the valuation of Capital assest by the registrar.
Kindly explain the effect of section 43AC(22) and what is the treatment in ITR.

Rakesh V Sharma

Rakesh V Sharma (Querist)

07 August 2015 DLC is the valuation of Capital asset by the registrar. Kindly explain the effect of section 43AC(22) and what is the treatment in ITR.

Amol S Joglekar

Amol S Joglekar (Expert)

08 August 2015 which is this section?
Do you intend to mean 43 CA of the Income tax Act, 1961?
The said section is applicable for "OTHER THAN CAPITAL ASSET"
Yours is a CAPITAL ASSET.

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