27 August 2010
Full Value of Consideration received Rs.23 lacs for sale of flat in Asst Year:2010-11 but agreement is made in Asst Year-2011-12 so in which year the income will be taxed?
28 August 2010
Income will be chargable in the year in which transfer took place. so if possession has been transferred in Ay 2010-11 then it will be taxable in AY 2010-11 itself. there is not any requirement of sale deed or consideration received.
02 September 2010
Sorry CMA Arif , CG is taxable in the year of transfer. Transfer means change of possession of property. Since the possession property is transferred in the A.Y 2010-11 it will be taxed in the A.Y 2010-11
02 September 2010
no dear, i am right. read sec 2(47). it mention in above said sec, that transfer include sale and sales means Transfer of ownership in exchange for a price paid or payable. transfer means transfer of ownership not possession.
02 September 2010
Def of transfer U/s-2(47) is extended w.e.f A.Y : 88-89 which is as follows, Any transactions involving of possession of any immovable property to b taken or retained in part of performance of contract of the nature referred to in the sec-53A of transfer of property act,1882.and any transaction which has effect of transferring or enabling enjoyment of any immovable property.
02 September 2010
in which book it is given? as contract is yet to be sing, question of part of performance should not rise. other experts views are welcome
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