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
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- TDS AND ITR ISSUE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- EXPORT COMMERCIAL INVOICE HSN CODE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
