Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2012 Agreement to sale and possession given in 1976 but sale deed registered in 1991, which date i shall be considered for indexation and capital gain purpose Pls Revert me Regards Rahul Aggarwal 9953080522

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 July 2012 Date of possession is considered as the date of acquisition.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2012 As per definition given in trasfer
Agreement of sale is not transfer, capital gain arising on transfer of immovable property is subjected to capital gain
in the given case, as the property is not transferred, it is just an agreement ot sale.
Capital gain arises only on transfer of property.

Pls share any case laws

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Mohit Naithani

Mohit Naithani (Expert)
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31 July 2012 In case of Immovable property there are two condition and date of transfer is to be consider upon the following 2 condition whichever is satisfied earlier.

Date of transfer of property through registry is a date of Transfer
or

Date of transfer of Property under Section 53A of Transfer of Property Act even Their is no registry.

Sec 53A of transfer of Property Act
a) There should be a Written Contract
b) Transferee has paid or ready to pay consideration
c) Transferee should be in the posesion of
Property.

Thanks Regard

Mohit Naithani
09654605754