hi i need little assiatnce regarding following case law:
a person sold land in 2011-12.but the transaction is not yet complete in the sense that registration of land is not completeed and the seller has received only part of the sale consideration.(still the return is not filed for the seller for ay:2012-13).
so now while computing total income of that person, should we need to compute capital gains on sale of land or not.
if we need to, please provide relavent provisions and should we consider proportion basis of purchase cost,improvement and others of full.if we get loss, what are the consequences.
need immediatly.any help would be thankfull
CAclubindia
