Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2012 Assessee has sold the property for a sum of Rs 80 lakhs and registered the sale deed in Dec-2011.The consideration for Rs 60 lakhs is paid immediately and balance Rs 20 lakhs by way of post dated cheques upto April 2012 (Same is mentioned in the registered sale deed). However, the buyer has not honoured the post dated cheques till date completely i.e. as on Jul-2012 and has asked for more time and the payments are still in process. Now, would there be Capital Gains for
1. FY 2011-2012
OR
2.The FY in which complete realisation has been made.

If its option 2, please also state how it has to be shown in ITR for FY 2011-2012.

Thanks in advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 July 2012 Capital gain is taxable in the year in which the asset is transferred, irrespective of the fact whether the sale consideration has been received or not.

Accordingly, in this case, the WHOLE capital gain shall be taxable in FY 11-12.

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