Capital gain

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Prashant Sawant (Querist)
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27 July 2016
Hi..

One of my friend sold his property and had Long Term Capital Gain. The Sales Agreement did take place in Mar.16 (F.Y15-16) where as he received all consideration in Apr.16 (F.Y.2016-17) In which F.Y. he is supposed to disclose this gain for filing of his tax returns.

Please confirm.

Regards,
Prashant..

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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28 July 2016 If sale agreement with delivery of possession which is of the nature referred to in section 53A of the Transfer of Property Act, 1882 is treated as transfer u/s 2(47).

You may verify, whether the transaction falls under this category or not. If it doesn't falls, consider the date of execution of sale deed (conveyance of the property) as date of transfer for the purpose of capital gains.