capital gain tax


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?

27 August 2010 The income will be taxed in the year of sale. Refer chargeability sec of Income tax act

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.


30 August 2010 In this case according to capital gain When the consideration is received In such year the chargeability arises.

31 August 2010 capital gain is taxable in year of transfer. as agreement is made in A/Y 11-12, it will taxable in this year not earlier.

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

03 September 2010 Refer Definition 2(47) (v) of the Income tax Act 1961



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