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Capital gains effect
In the year 2014-2015 i entered into a sale agreement with the party with the condition that i will transfer the possession only when i receive the money. I get the money next year in 2015-2015 so i give my capital gains to tax in 2015-16 but the department holds that it should be taxable when i entered into the agreement. Now my query is , IS there any case law which holds true to the fact that it can be taxable in the year 2015-2016? i want the name of the case laws please help!! Thanks
Replies (2)
Capital Gain is Tacable in the year of Receipt. So in case you received the entire or a major chunk of money in a particukar FY , it shall be chargeable to tax in the Asst year relevant to that particular year.
Moreover in case all or major transaction of money has been done and the possession or registration is done only in the next year. This doesnot mean that It will taxed in year of trf of possession or registration
Moreover in case all or major transaction of money has been done and the possession or registration is done only in the next year. This doesnot mean that It will taxed in year of trf of possession or registration
Sir, Posession is also recieved next year can you quote a case law which confirms the same ?? please
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