Query Related to Capital Assests

Hi

U S SHARMA

Reply me on above query.

possession date(when deed of transffer is written) is the date of purchase of asset any advance given is a capital advance

everything depends on accounting for the concerned years, if the person has shown the payment transaction in "assets" sub head "fixed assets" sub sub head " property" then the date of credit this account , counter confirmed by agreement and bank transactions,is fit for income tax.

Agreement or possession whichever is earlier.

Agreement date or posssession date which ever is earlier

ownership, risks, rewards everything passes only on agreement date. hence agreement date is the ideal date.

under agreement even, the date of 1st payment is mentioned, so i belive that the very 1st payment makes the buyer eligible to own the property, subject to counter confirmation of agreement, and later on getting it registered on basis on agreement.

Originally posted by : saranraj
	ownership, risks, rewards everything passes only on agreement date. hence agreement date is the ideal date.

ageed.

because in some property related agreements the agreement may be cancelled before possession

agrement date

I need you help regarding tax payment for following transaction.

STCG generating from sale of (flat) property so how to pay the tax amount generating on this transaction, suppose a flat is sold in july 2010 than advance tax payment treatment I would like to know whether it has to be paid in lumpsum in sep.2011 or in 30% , in sep. 60 % in dec 2011 and remaing before 15 the march.