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Capitag gain/loss

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Disha Chimanbhai Patel

26 Points Posted on 15 July 2023

I would like to know the treatment of the tax in this case. the house was sold in 1991 but at that time the documents were not executed. now in 2023 the documents are executed i.e.sale deed. there is no document for sale happened in 1991. in this case, in the sale deed if we mention that the house was sold in 1991 for Rs.200000 for ex and the current value of the house is Rs. 20 Lakh and in 2023 there is no exchange of money as well.

so will this attract long term capital gain in the hands of the seller?

Replies (3)

Quick Summary

This discussion concerns the capital gains tax implications for a property sold in 1991, but where the sale deed was only executed in 2023. The seller is unsure if mentioning the 1991 sale price and the current market value in the 2023 deed will trigger long-term capital gains tax, especially as no money exchanged hands in 2023. Advice is sought on how to handle the payment details from 1991, which included bank transfers, cash, and loan repayments, to potentially reduce tax liability.