Case law regading capital gain

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sanjay kumar (Querist)
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14 July 2012 Sir, anyone has purchased a land . Pocession handed over in 2012 but he had made the payment in 2006 if that particular land. My question is either the capital gain will caculate on the time of pocession handed over or the time of payment.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 July 2012 In case of immovable property the possession is having significance over the payment. Calculation of Capital Gains should be considered from the date of possession.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 July 2012 Yes, date of possession is relevant. AP High court decision,though delivered in the context of building,reported in 173 ITR 397 may be referred to.

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