I had sold a house in 2012 and full consideration was received in 2012 ( full in cash) but registeration has not done yet. I had compute and paid my tax liability on such transfer in 2012 ITR, but now i want to make the registeration. Will it effect my tax liability as there is huge difference between the circle rate in 2012 and 2018.
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Tax on sale of property
Replies (2)
if possession of the house was given in the year 2012 and this fact is mentioned in the sale deed, no tax liability would arise in the year of sale.
correction: no tax liability would arise in the year of registration of sale deed.
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