Hi everybody as per my knowledge date of registration can be considered
poonam
(Senior Accountant)
(30 Points)
Replied 18 March 2010
Hi everybody as per my knowledge date of registration can be considered
CA Shiv
(Business Controller)
(2987 Points)
Replied 18 March 2010
Hello,
Date of registration will be considered. Even when the property is a flat in an appartment and you start paying advance installments, there are chances where the property is not even constructed when you are paying advance. e.g. you book a flat on 20th floor. And start paying advance and installments when only the digging and levelling starts.
So its a big issue and till now there is no decision regarding the same. Sometime the Individual and contractor signs an agreement at the begining, but the real possession and ownership is transfered when the flat is completed and handed over to individual. It amy take more than 1 year.
So depending upon circumstances one can consider the agreement at the time of first installment or the date of registration.
C.Balaji
(Learner)
(1867 Points)
Replied 18 March 2010
Dear Friends....As Amir bhai rightly said.........
There has been a fight going on between the Date of REgistration and Date of Possession.....
But Please see these case laws....
Madathil Brothers vs. Deputy Commissioner of Income Tax ..
M.Syamala Roa v. CIT.
Date of Possession is considered....
CAclubindia
