Sale value consideration for capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 Respected Members,

Hi,

1. agricultural land sale value 5 crore
2. sale date 23/03/2013
3. amount received from purchaser till 31/07/2013 Rs. 3 crore.
4. Amount of investment in capital gain account saving scheme is 2.5 crore.

whether i am liable to pay capital gain tax on the receivable 2 crore amount.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 July 2013 If sale or transfer of a capital asset is completed , you are liable for capital gains tax whether you receive or do not receive the sales consideration. Ascertain whether the land is Rural or Urban. On Rural Ag. land no capital gains arises.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 Yes Sir,

But i heard that there is case law on this issue, in which only amount received till due date of filling of return has been taxed.

I am not having the reference to this case law. If you find it please let me know.

Thank you for your instant reply.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 July 2013 In case of Compulsory acquisition, I know that capital gains are computed at the time of initial compensation received.
.
We shall try to search the case -law.
.

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2013 Thank You Very Much Sir.

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