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Index rate for sale of property
One house is sold in PY 2021-22 so agreement was done in PY 2021-22 but full consideration was paid in PY 2022-23. Hence the transaction will be considered in PY 2022-23 but for calculating capital gain which year's index rate is considered? Stamp duty & tds payment was done PY 2021-22 however sale is considered in PY 2022-23.
Replies (4)
Quick Summary
Sale should be considered in FY 2021-22 for capital gains.
CII for 2021-22 is 317
CII for FY 2022-23 is 331
But full consideration was paid in next year of agreement & possession was also given in next year hence we decided to consider sale transaction in next year i. e. FY 2022-23. TDS deducted will also be carried forward to FY 2022-23.
You have to consider indexation of FY 21-22 even if consideration received later . As per Govt records transaction completed in FY 21-22 and tax on same is to be paid in that year.
Payment of consideration is immaterial subject to conditions. if the registration was made during the fy 21-22, the same needs to be taken for INDEXATION purpose and not the year during which the consideration received
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