Year of taxability of capital gain

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This query is : Resolved

udit kumar agrawal (Querist)

14 December 2015 I HAVE TRANSFERRED AN PROPERTY ON 15.03.2015 WITH A GAIN OF 2 CRORE BUT ONLY 20 LAKH CONSIDERATION WAS RECEIVED IN 2014-15 AND REMAINING IN 2015-16. AS PER SECTION 45 WHOLE GAIN IS TAXABLE IN F.Y 2014-15 BUT IS THERE ANY CASE LAW AGAINST THIS LAW. BECAUSE THE TAX LIABILITY IS MORE THAN THE CONSIDERATION RECEIVED IN F.Y. 2014-15

Nikhil Kaushik

Nikhil Kaushik (Expert)

14 December 2015 as long as the property has been transferred in FY 2014-15, it is taxable in FY 2014-15 only. when you received consideration is not relevant.

udit kumar agrawal

udit kumar agrawal (Querist)

15 December 2015 thank u Nikhil Ji. The law is Clear but i was searching for any case law against this law.

Nikhil Kaushik

Nikhil Kaushik (Expert)

15 December 2015 why waste time on that? you don't search for a case law against the law...at best you search for a different interpretation of law....which in your case won't be available given your own submission that you transferred the property in FY 2014-15 itself.

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