Hi all,
A Residential Property has been sold and consideration received in various installments. Total Consideration is Rs.22 Lakhs out of this 15 Lakhs has been received during FY 2012-13. and only Rs. 7 Lakhs has been received in FY 2013-14. Absolute Sale Deed has been executed on last installment only ie July 2013 (FY 2013 -14). Kindly let me know, whether transfer of residential property has to be shown in FY 2012 -13 or FY 2013 - 14.
As per my assessment, Sale deed is of no relevance, when the substantial payment is received in FY 2012 -13, transfer has to be booked in FY 2012 -13 only, eventhough the final settlement is done in FY 2013 -14. Kindly confirm.
For claiming exemption, the consideration has been invested in purchase of flat for Rs. 24.96 Lakhs. The Flat has been alloted during Oct 2012 and Part consideration of Rs. 15.12 Lakhs paid in FY 2012 -13 (in 3 installments) and another part consideration of Rs. 9.84 Lakhs paid in FY 2013 -14.
Construction is still under progress.
Kindly confirm, Whether i could take full value of consideration in FY 2012 - 13 Rs. 22L and Full value of purchase Rs.24. 96 Lakhs for exemption. Kindly let me know, what proportion shall i take for FY 2012 -13 and FY 2013 - 14
Thanks in advance
CAclubindia
