Hello Friends i need your help........
1)Mr A One of my client win the lottery form mahada a house property Values Rs 25,00,000 on dated 14/01/2010.
he paid Rs 25,00,000/- to mahada on 28/01/2010. (there is Lock in Period of 5 year)
2) On 20/03/2012 Mr A sales his property to mr B at Cost Rs 50,00,000/- he recvied advance Rs 150000 on 20/03/2012 and Balance Rs 3500000 on 31/04/2012 (i.e within Lock in period)
now mr B is prepare Agreement to Sale on 31/04/2012( l.e MOU that mr A will Sale his property to Mr B on Complition of 5 year Lockin period) with Stamp duty to secure his right but mr B will prepare Sale Agreement in 2015. (Becuse Lock in Period is 5 year)
3) Now Mr A is Purchase another Property at Cost of Rs 6500000 on 28/04/2012.
My question is that
1) Is Mr A Liable to Capital Gain Tax if yes then form which date i.e on Date of advance recevied or on date of MOU or on date of Sale deed ?
2) How can we save tax i.e long Term or Short term ?
3)And what in Difference betn Agreement to sale and Sale Agreement. ?
CAclubindia
