Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2013 SIR THE AGREEMENT FOR SELL FOR RS 2250000 IS MADE ON 03 MARCH 2013 AND SALE DEED IS MADE ON 12/04/2013

I WANT TO CALCULATE THE CAPITAL GAIN SO ITS COME IN FY 2012-2013 OR 2013-2014 HOW IT WOULD BE CALCULATED

Aditya Maheshwari

Aditya Maheshwari (Expert)
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23 December 2013 provisions of section 53A of Transfer of Property Act in relation to sale of property the section which has been incorporated in Income Tax Act also for definition of owner is produced below for your reference: 53A. Where any person contracts to transfer for consideration any immovable property by writing signed by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty,and the transferee has, in part performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession, continues in possession in part performance of the contract and has done some act in furtherance of the contract,and the transferee has performed or is willing to perform his part of the contract,then, notwithstanding that where there is an instrument of transfer, that the transfer has not been completed in the manner prescribed therefor by the law for the time being in force, the transferor or any person claiming under him shall be debarred from enforcing against the transferee and persons claiming under him any right in respect of the property of which the transferee has taken or continued in possession, other than a right expressly provided by the terms of the contract :Provided that nothing in this section shall affect the rights of a transferee for consideration who has no notice of the contract or of the part performance thereof. Hence as per the said section after part / full performance of the contract of agreement for sale and where the buyer has taken possession of the property or any part thereof then even if no agreement for sale has been entered or executed the said is considered as a sale of property for the purpose of Transfer of Property Act, 1882