Building development

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226 Points Posted on 11 November 2022
we have given our land for development during the year fy 2016-17 and received advance RS 13.5 lacs But so far possession not completed .Mt question is whether we have to pay any income tax / capital gain
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On 11 November 2022 at 20:25 Report
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This discussion addresses the tax implications of land development when possession hasn't been completed. The key question is when capital gains tax becomes payable. The consensus is that capital gains are typically realised in the year of possession, not when an advance is received, as ownership transfer is the determining factor.

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SEO Sai Gr. Hosp.
212475 Points Posted on 11 November 2022

The capital gains will arise in the year of possession of flats, till then it will be treated as advance.

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On 11 November 2022 at 21:12
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Profession
28261 Points Posted on 12 November 2022
The point is when ownership is transferred.
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On 12 November 2022 at 08:58

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