My Client has made Sathekarar for sale of his anchestral land along with irrevokable power of attourney. Main points of this Sathekarar are that full agreed consideration of land was paid to the client by builder, full stamp duty applicable for sale was paid by builder and possession of land was also given to Builder. This Sathekarar was made in July 2009
Actual Sale Deed of this land was made in November 2010 and no additional consideration was paid by builder and also no additional stamp duty was paid.
Question is whether Long Term Capital Gains will arise in FY 09-10 or in FY 10-11, since Sathekarar gives possession of land against full agreed consideration received.
Thank You
CAclubindia
