capital gains on property

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2011 My clients had purchased land in 1990 for Rs 6 lacs under agreement to sell.Now they are getting it registered in their name. The name of buyer in agreement to sell and regstration deed is same. They have constructed house on land in 1992. Now will capital gains be attracted in such a situation where only registration is being done to complete legal formalities and no change of ownership is being made.The POA is executing the registration deed on behalf of the seller.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 July 2011 Your client is the purchaser of property.

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Presently , It is the seller who has to think about the capital gains.

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If seller is also your client, then only you may raise the question of capital gains.

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