Date of transfer under income tax act

Hai..

The date of transfer is definitely date of execution of sale or gift which is mentioned in the document as "on the day of or with effect from". Registration is legal confirmation of sale taken place already.

Hi,

Generally, the date of registration of the sale deed is taken as the date of sale of the property. And the date of registration is commonly accepted by the department because you have documentary proof for the same.

Also, as per Section 54 of the TPA, 1882, Sale is defined as "Sale is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised."  and ownership is transferred only upon registration. Hence, date of registration is date of transfer

Receive as per Section 56(2)(vii) would mean to get in the general sense. Its not a technial word and would mean as defined in a dictionary. Still, tell us the scenario and we will help you with it.

Regards

CA. Sidharth Sahni

 date of Registertaion of property in most of case

Hi Mr. Sahni,

Thanks for your reply

i have mentioned below my original query:

My father's friend has made a gift deed of a plot in 1989 in favor my father, that plot he has got from govt. in 1986-87 for Rs. 15,000 and at the time of making the deed the same was of Rs. 30,000 but in this deed the problem is that it was not registered due to some reasons at that time. This deed is made on the stamp paper and it is executed by the donor and it is signed by 2 witnesses.

After all this, my father has made construction in 1990 on the said plot (but now we do not have any receipt or bill for purchase of construction material) with cost of Rs. 3,00,000 and since that day he was in the possession of the said plot - house.

In 2006 my father died and my mother is in the possession of the said plot - house till date.

Now we want to make a registered gift deed of the said plot - house and the donor is also ready for the same. the current municipal value of the said plot & construction for registry purpose is Rs 24,00,000.

Now my questions is below:

1. what would be the tax liability now on any of the persons concerned in this, means the donor, the original deceased donee or my mother or me (surviving donee) under the gift tax or income tax act or newly inserted provisions in section 56 (2) of income tax act.

2. as the original donor has never shown this plot in his books submitted to income tax deptt since he has already transferred this plot in 1986-87 and from that day till now he has not shown this his books. Whether there would be any problem in this?

Please let me know your valuable advice that how we should make the house registered in favor of us.

Thanks & Regards

Hitendra Bhatia

+91 9001317333

hi friends,

as per Transfer of immovable property act Part performence of the Contract is Transfer