One of my clients has sold the development rights of his ancestral property. He had received an advance of Rs. 15 lacs in F.Y.2010-11. The agreement was executed in F.Y.2011-12 for 1.1 CR. All the consideration will be received instalment wise. Please advise when will the tax be payable on the capital gains? as and when the monies are received or in the year in which the agreement is executed i.e. F.Y.2011-12?
CAclubindia
