SALE OF PROPERTY_CAPITAL GAINS
This query is : Resolved
18 June 2008
A property is sold (i.e cash is received without any legal sale deed) without the transfer of possession..Does that come under capital gains and which section deals with it??...
18 June 2008
Hi...
Gain from trasfer of any Capital asset will attract capital gain tax...But people in order to avoid tax deal in cash..as bank transactions are easy to trace by department..Scetion 45 is the charging section for capital gains..
Gain from trasfer of any Capital asset will attract capital gain tax...But people in order to avoid tax deal in cash..as bank transactions are easy to trace by department..Scetion 45 is the charging section for capital gains..
18 June 2008
I meant whether sale without transfer of possession comes under capital gains or not ...and which section and subsection deals with it??..
18 June 2008
Hi Shruthi...
Tranfer inorder to be complete...Title to property should pass on to buyer through registration...Even if Property is not registered but the following conditions under sec 53A of Transfer of property act are satisfied,ownership in a property is said to be transferred...
1.There should be contract in writing.
2.The transferee has paid or is willing to perform his part of contract; and
3.The transferee should have taken posession of property.
When these conditions r satisfied,the transaction will constitute "Transfer" for the purpose of CAPITAL GAINS
I hope it is clear..
Tranfer inorder to be complete...Title to property should pass on to buyer through registration...Even if Property is not registered but the following conditions under sec 53A of Transfer of property act are satisfied,ownership in a property is said to be transferred...
1.There should be contract in writing.
2.The transferee has paid or is willing to perform his part of contract; and
3.The transferee should have taken posession of property.
When these conditions r satisfied,the transaction will constitute "Transfer" for the purpose of CAPITAL GAINS
I hope it is clear..
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- FEMA regulation Act. for inward remitance
- Rental income of jointly held property
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
