Date of acquation
This query is : Resolved
14 March 2013
i purchased a property in march 2010 and pay full considration. i possesstion in april-11 and property registered in march-2013. Now please you say what is date of acquation for calculating capital gain.
thanks
sp sharma
thanks
sp sharma
29 March 2013
The date of acquisition of a capital asset is the date of transfer as per sec. 2(47) of IT Act. Capital gain is taxable in the year in which capital asset is transferred. Title to immovable asset will not pass till conveyance deed is executed and registered. Alapati Venkataramiah V. CIT(SC). A document on subsequent registration will take effect from the time it was executed and not from the time of its registration. So the date of acquisition in your case will be the date of the execution of the sale deed. This is also decided in the case of CIT V. Ghaziabad Engg. Co. (Pvt.) Ltd.
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