Taxability of capital gain tax
This query is : Resolved
18 July 2012
Short Term Capital Gain:
Facts of the case:
On sale of Flat, deed has been registered in F.Y. 11-12 i.e. to say 25-03-12 by receiving token money.
Further, whole sale consideration is recd in F.Y. 12-13 i.e. to say 10-07-12 and the possession has been given on 11-07-12
Query: Pls can any1 let me know that in which F.Y. my tax liability will arise
Facts of the case:
On sale of Flat, deed has been registered in F.Y. 11-12 i.e. to say 25-03-12 by receiving token money.
Further, whole sale consideration is recd in F.Y. 12-13 i.e. to say 10-07-12 and the possession has been given on 11-07-12
Query: Pls can any1 let me know that in which F.Y. my tax liability will arise
CS ANAND RAVADA
(Expert)
18 July 2012
Mr.Darshit,
the point is very in taxation, that, the sale deed has been registered in the F.Y.11-12, it means the agreed consideration has been received on or before the registration date, so one has to pay the capital gain on the transction during that financial year
the point is very in taxation, that, the sale deed has been registered in the F.Y.11-12, it means the agreed consideration has been received on or before the registration date, so one has to pay the capital gain on the transction during that financial year
18 July 2012
Mr. Anand
Consideration has been recd on 10-7-12 also possession has allotted been on 11-7-12, so if the amount is not recd in FY 11-12 how can one pay tax.
Further, possession factor has to be also considered for transfer of rights.
Consideration has been recd on 10-7-12 also possession has allotted been on 11-7-12, so if the amount is not recd in FY 11-12 how can one pay tax.
Further, possession factor has to be also considered for transfer of rights.
CA.Sourabh Sethia
(Expert)
19 July 2012
Capital gain is chargeable in the year in which the Transfer took place
Consideration Date & Possession Date is of no use in this Case
Consideration Date & Possession Date is of no use in this Case
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