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Capital gains

This query is : Resolved 
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(Querist)
23 July 2012 Dear All,

One of my clients has sold the development rights of his ancestral property. He had received an advance of Rs. 15 lacs in F.Y.2010-11. The agreement was executed in F.Y.2011-12 for 1.1 CR. All the consideration will be received instalment wise. Please advise when will the tax be payable on the capital gains? as and when the monies are received or in the year in which the agreement is executed i.e. F.Y.2011-12?
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CA CKP

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23 July 2012 FY 2011-12, I assume the transfer take place in the FY 2011-12.

Capital Gain is liable in AY relating to FY in which the transfer take place, registration of property in not necessary.
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