Dear friends
pl tell me the year of taxability of capital gains in the following case:
Assessee sells the land in theyear 2011-12 but receives the consideration next financial year
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Taxability of capital gains
Replies (3)
If its a compulsory acquisition then in the year consideration received otherwise in the f.y.11-12 only.
This will be taxable in the year 2011-12.
Yes, i agree with MS Neha......
Incase of compulsory acquisition then in the year of 1st consideration received irrespective of considaration received, it is assumed that entire amt. received.
otherwise in the year of sale.....
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