Hello,
I have a doubt in capital gains.
When does the liability to pay CG arise in the following case
The client has sold a property on 9-feb-11 but the posession has been handed over to the buyer only on 15-april-11
Which year does the 'transfer' take place ?
Because if i remember right as per transfer of property act the possession is important.
as this was given only on 15th april hence liab to pay cg arises only in ay-12-13. right?
alternatively 'transfer' as per 2(47) says transfer includes SALE.
So which year is he liable to pay CG?
CAclubindia
