SALE OF PROPERTY_CAPITAL GAINS
This query is : Resolved
18 June 2008
A property is sold (i.e cash is received without any legal sale deed) without the transfer of possession..Does that come under capital gains and which section deals with it??...
18 June 2008
Hi...
Gain from trasfer of any Capital asset will attract capital gain tax...But people in order to avoid tax deal in cash..as bank transactions are easy to trace by department..Scetion 45 is the charging section for capital gains..
Gain from trasfer of any Capital asset will attract capital gain tax...But people in order to avoid tax deal in cash..as bank transactions are easy to trace by department..Scetion 45 is the charging section for capital gains..
18 June 2008
I meant whether sale without transfer of possession comes under capital gains or not ...and which section and subsection deals with it??..
18 June 2008
Hi Shruthi...
Tranfer inorder to be complete...Title to property should pass on to buyer through registration...Even if Property is not registered but the following conditions under sec 53A of Transfer of property act are satisfied,ownership in a property is said to be transferred...
1.There should be contract in writing.
2.The transferee has paid or is willing to perform his part of contract; and
3.The transferee should have taken posession of property.
When these conditions r satisfied,the transaction will constitute "Transfer" for the purpose of CAPITAL GAINS
I hope it is clear..
Tranfer inorder to be complete...Title to property should pass on to buyer through registration...Even if Property is not registered but the following conditions under sec 53A of Transfer of property act are satisfied,ownership in a property is said to be transferred...
1.There should be contract in writing.
2.The transferee has paid or is willing to perform his part of contract; and
3.The transferee should have taken posession of property.
When these conditions r satisfied,the transaction will constitute "Transfer" for the purpose of CAPITAL GAINS
I hope it is clear..
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