One of our client have sold his asset for which he is in receipt of Part consideration. ie in FY 14 - 15 & part will be received in FY 15 - 16 when the Agreement for the same would be signed. So in this case what would be the year of taxing capital gains?
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Taxability of capital gains
Replies (3)
I think capital gain would be charged in the year of agreement took place. So if any amount received from buyer, can be shown as advance recieved for property sale.
Part consideration recieved need not required to deposit in capital gain a/c as it is advance recieved. U can keep it in saving a/c bcoz capital gain arise after agreement took place.
Part consideration recieved need not required to deposit in capital gain a/c as it is advance recieved. U can keep it in saving a/c bcoz capital gain arise after agreement took place.
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