Direct tax
This query is : Resolved
sreejith nair
(Querist)
20 September 2013
I want to know whether my treatment to following transaction is correct or not.
Facts:-
An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in 4-5 annual installment till 2012(amount :approx 4 lacs).
Now in 2013 he decides to sell this plot in 2013, for which he registers this property in his name from HUDA in 2013 & subsequently sell this plot for 23 lakhs. Assessee is already having another house in which he resides.
Confirmations Required on following:-
1) The plot becomes Capital Asset of Assessee in which f/y,
a)2006-07 (in which he is allotted the plot) or
b)2013-14 (in which he gets plot registered in his name from Huda)
Thank you for your Replies in Advance.
Facts:-
An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in 4-5 annual installment till 2012(amount :approx 4 lacs).
Now in 2013 he decides to sell this plot in 2013, for which he registers this property in his name from HUDA in 2013 & subsequently sell this plot for 23 lakhs. Assessee is already having another house in which he resides.
Confirmations Required on following:-
1) The plot becomes Capital Asset of Assessee in which f/y,
a)2006-07 (in which he is allotted the plot) or
b)2013-14 (in which he gets plot registered in his name from Huda)
Thank you for your Replies in Advance.
CA Pallav Singhania
(Expert)
20 September 2013
In my view the Date of possession in this case....
Message likes :
1 times
sreejith nair
(Querist)
20 September 2013
I want to know whether my treatment to following transaction is correct or not.
Facts:- An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in 4-5 annual installment till 2012(amount :approx 4 lacs). Now in 2013 he decides to sell this plot in 2013, for which he registers this property in his name from HUDA in 2013 & subsequently sell this plot for 23 lakhs. Assessee is already having another house in which he resides.
Confirmations Required on following:-
1) The plot becomes Capital Asset of Assessee in which f/y,
a)2006-07 (in which he is allotted the plot)
or
b)2013-14 (in which he gets plot registered in his name from Huda)
Thank you for your Replies in Advance.
Facts:- An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in 4-5 annual installment till 2012(amount :approx 4 lacs). Now in 2013 he decides to sell this plot in 2013, for which he registers this property in his name from HUDA in 2013 & subsequently sell this plot for 23 lakhs. Assessee is already having another house in which he resides.
Confirmations Required on following:-
1) The plot becomes Capital Asset of Assessee in which f/y,
a)2006-07 (in which he is allotted the plot)
or
b)2013-14 (in which he gets plot registered in his name from Huda)
Thank you for your Replies in Advance.
sreejith nair
(Querist)
20 September 2013
@ Pallav Sir, I didnt get your point, please elaborate it. Thank You
CA Pallav Singhania
(Expert)
20 September 2013
However, registration made at a later date but the allotment of said property made earlier.
So, in my view it will be treated as capital asset from the date of the allotment...
Date of registration is immaterial in such a case....
So, in my view it will be treated as capital asset from the date of the allotment...
Date of registration is immaterial in such a case....
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
