Query in determining date of sale of house property for Capital Gain
Part payment is received in FY 2013-14 and balance payment is received in FY 2014-15. TCS is deducted and paid by buyer in FY 2013-14. However date of agreement and registrstion is done on 07.04.2014 i.e. in FY 2014-15
Kindly suggest.........
Dear Ankit,
The capital gain tax liability arises at the time of transfer of the capital asset. It does not depend on the reciept of consideration. Hence in your case if you fulfil the condition of transfer as specified in sec 2(48) of the IT act, then the same will be subject to tax in the year of transfer. So entire consideration will be subject to tax in year - 2013-14.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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