Capital gain on Transfer of property
This query is : Resolved
25 October 2010
assessee(purchaser)had acquired an house vide agreement of sale on 20.06.1990 for Rs.10 lacs (full payament). but he didn't get registered til now but took the pocession on the same date. the seller also declared as sale and paid the capital gain tax on 1990-91 itself.
but now purchaser wants to register the property in his name. the present value of the property is Rs.60 lacs.
the question is:
1) what price we have to mention in sale deed ?
2) sub registrar has agreed to register property at old price (10 lacs) only, but what is tax effect to seller
3) what is the actaul A.Y. and sale consideration. Is there any case laws regarding this
thanks in advance
but now purchaser wants to register the property in his name. the present value of the property is Rs.60 lacs.
the question is:
1) what price we have to mention in sale deed ?
2) sub registrar has agreed to register property at old price (10 lacs) only, but what is tax effect to seller
3) what is the actaul A.Y. and sale consideration. Is there any case laws regarding this
thanks in advance
26 October 2010
Dear sir,
Kindly refer to the below link.
http://indiankanoon.org/doc/1685683/
As per recent punjab high court judgement ownership gets transferred once possession is given the buyer.
Registration is just a formality.
So all your worries are not correct.
Your LTCG problem is over in the year of sale itself.
But the stamp duty issue has to dealt with the help of your state lawyer.
Kindly refer to the below link.
http://indiankanoon.org/doc/1685683/
As per recent punjab high court judgement ownership gets transferred once possession is given the buyer.
Registration is just a formality.
So all your worries are not correct.
Your LTCG problem is over in the year of sale itself.
But the stamp duty issue has to dealt with the help of your state lawyer.
26 October 2010
Thanks Sir,
Section 50C will apply for this above case ?
Section 50C will apply for this above case ?
26 October 2010
Sir,
50-C will not apply since 50-C was not in effect for the A.Y.90-91.
50-C will not apply since 50-C was not in effect for the A.Y.90-91.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
Trending Online Classes
CAclubindia
