Capital gain tax on property fir which only part payment received??

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Become CA
76 Points Posted on 24 July 2021
A property sold on which LTCG arise..
but only part payment received and balance will reciece next year..
is capital gain tax consider on proportionate basis OR on full value of property sale basis??
kindly guide..
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On 24 July 2021 at 17:22 Report
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Quick Summary
This discussion clarifies the Capital Gains Tax (CGT) implications when selling a property where only a partial payment has been received. The consensus is that CGT is calculated on the full sale value of the property in the year of the sale agreement, not on a proportionate basis of the payments received. Therefore, the entire capital gain is taxable in the current financial year.

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CMA
13117 Points Posted on 24 July 2021

Not to consider on proportionate basis. Entire capital gain is taxable in the year of sale.

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On 24 July 2021 at 17:52
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Chartered Accountant
24588 Points Posted on 24 July 2021
Full sale consideration should be considered
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On 24 July 2021 at 19:29
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Chartered Accountant
86505 Points Posted on 25 July 2021
You have to show capital gain in current year considering full value of consideration.
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On 25 July 2021 at 06:08
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Chartered Accountant
24588 Points Posted on 25 July 2021
Full sale value should be considered for calculation of CG
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On 25 July 2021 at 08:21
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Chief Accountant
3150 Points Posted on 31 July 2021
Sale agreement made in which year ?
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On 31 July 2021 at 02:45

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