Date of transfer of immovable property for purpose of cg.
This query is : Resolved
16 February 2013
I want to sell my residential flat to a buyer for 21 lacs. It is agreed between us that he will pay me a sum of RS 4.20 lacs as initial payment in Feb 2013 out of total value of Rs 21 lacs (being 20% of 21 lacs) and the balance (80%) after date of Sale deed registration (March 2013) somewhere in April 2013. My queries are
1) Whether I have to make sale deed within 2 months from date of initial amount recd. ie Feb 2013?
2) IF Yes than If I register the sale deed in March 2013 will that be considered as date of transfer?
3) If Registration date is March 2013 and still 80% amount is unpaid and paid only in April 2013 will that be cons as date of transfer?
4)And what according to you is advisable date of transfer whether before March 2013 or after March 2013 for purp of investing in capital gains.
5) Also if i have to invest in Capital Gains A/c Scheme (CGAS)before July 31st the initial amount of Rs 4.2 lacs recd as consideration in Feb 2013 needs to be invested immediately in CGAS or can be deferred till 31st July 2013?
Please anyone revert at the earliest with a concrete soln.
1) Whether I have to make sale deed within 2 months from date of initial amount recd. ie Feb 2013?
2) IF Yes than If I register the sale deed in March 2013 will that be considered as date of transfer?
3) If Registration date is March 2013 and still 80% amount is unpaid and paid only in April 2013 will that be cons as date of transfer?
4)And what according to you is advisable date of transfer whether before March 2013 or after March 2013 for purp of investing in capital gains.
5) Also if i have to invest in Capital Gains A/c Scheme (CGAS)before July 31st the initial amount of Rs 4.2 lacs recd as consideration in Feb 2013 needs to be invested immediately in CGAS or can be deferred till 31st July 2013?
Please anyone revert at the earliest with a concrete soln.
16 February 2013
1. It is not necessary till the full payment
is received.
2. Registration and possession is a concurrent activity. So as soon as possession is given under part performance
of a contract under the Transfer of Property Act, IT treats it as a transfer
3. If you give possession- Transfer takes place. Capital Gain Provisions will be attracted. The amount receivable shows your risk taking capacity.
.
is received.
2. Registration and possession is a concurrent activity. So as soon as possession is given under part performance
of a contract under the Transfer of Property Act, IT treats it as a transfer
3. If you give possession- Transfer takes place. Capital Gain Provisions will be attracted. The amount receivable shows your risk taking capacity.
.
16 February 2013
4. If you do not have any difficulty in depositing the amount from your own pocket-
(this happens when you do not collect full amount) in CGAS- there is no issue, however,
in practical, "Es Hath Le ...Us Hath De.
Registration after March 2013, will be better. You are not going to lose any thing in doing so.
.
5. Up to 31st July you can deposit.
.
Not Rs.4.2 lacs but the amount which you would like to get exempt from Capital Gains.
.
(this happens when you do not collect full amount) in CGAS- there is no issue, however,
in practical, "Es Hath Le ...Us Hath De.
Registration after March 2013, will be better. You are not going to lose any thing in doing so.
.
5. Up to 31st July you can deposit.
.
Not Rs.4.2 lacs but the amount which you would like to get exempt from Capital Gains.
.
16 February 2013
So if I do sale deed registration in March 13 and give possession of the property only in April 13 after final payment is received, then for purpose of capital gains would April 13 only be considered as date of transfer?
17 February 2013
You can enter into an Agreement to Sale and get it registered, which attracts very low stamp duty. At the time of receiving full payment in April-you may enter into Final Sale Deed. In such a case, transfer will take place in April 2013.
.
.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- REGARDING ITR FILING QUESTION
- CASH GIFT FROM BLOOD RELATIVE
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Gst reverse charge mechanism to be claimed in the month of payment
- DUE DATE FOR ITR FILING
- TDS refund Indemnity Bond
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
