I have a peculiar case for Capital Gain.
Mr.Client has purchased 1 Acre of land by way of Agreeement of Sale in the year 1982-83 from Mr.Vendor, who had purchased it in the year 1965. Ever since the land is in the possession and enjoyment of Mr.Client. Now Mr.Cleint wants to get it registered from Mr.Vendor.
Mr.Vendor's apprehensions are that he would be served an IT notice to cough up the Capital Gain if he registers the land now.
Whereas the fact is Mr.Vendor transferred possession along with the AOS in the year 1982-83, and in that year he did not have capital gain ( according to CG computation considering his purchase price and selling price ).
How to proceed with the transaction ?
CAclubindia
