13 December 2012
I have inherited a property from my father by succession(as per will), which was originally purchased in 1960. I entered into an sales agreement and received Rs. 80 Lakhs as Advance. So please tell the Tax provisions mainly advance tax liabilty in following 2 cases: 1. If sales deed is executed in March 2013 2. If sales deed is exwcuted in April 2013
15 December 2012
Its taxable as Long Tern Capital Gain in a year when defination of Transfer is complete.
For Immovable Property. 1. When registry is done. (i) on the date of registery
2. When Registry is not done. (i) when Sec 53A of Transfer of Propery Act satisfy.
Sec 53A of transfer of Property Act : 1. Buyer have a Posession on asset. 2. Buyer either pay or will to pay valid consideration agt purchase of an asset. 3. Deed should be in written and duly sign bt both parties or their reprasentative.
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