Ltcg tax liability on sale of non agriculture land
This query is : Resolved
DILIP PRAJAPATI
(Querist)
17 March 2014
Hi.....
My Father has Purchased N.A. Land in the year 2005 & it sold in 2013, Now the payment will received in partially (i.e. It comes in periodically up to 2015, Now I want to know What is the tax treatment for the same. Whether the Tax on sale of the Land (i.e. Capital Gain of Full Amt.) to be payable in this F.Y. or It will be payable in respective year of receipts of the payments. (Note : Only Ragistered Banakhat is made, Dastavej (Registration of Sale Deed) will be done in 2015. i.e. After receipts of the full payment)
My Father has Purchased N.A. Land in the year 2005 & it sold in 2013, Now the payment will received in partially (i.e. It comes in periodically up to 2015, Now I want to know What is the tax treatment for the same. Whether the Tax on sale of the Land (i.e. Capital Gain of Full Amt.) to be payable in this F.Y. or It will be payable in respective year of receipts of the payments. (Note : Only Ragistered Banakhat is made, Dastavej (Registration of Sale Deed) will be done in 2015. i.e. After receipts of the full payment)
Nikhil Kaushik
(Expert)
17 March 2014
leave aside the documentation...the relevant factor for income tax is when you transfer the asset to the purchaser...if the asset is transferred in FY 2013-14, the whole of consideration received or not (as on date) shall be taxed in the current year itself.
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