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House sold on emi

camahesh (CS) (57 Points)

04 September 2018

I HAVE SOLD ONE OF MY HOUSE ON JULY 2018 to person EMI for EMI for 4 years for ( till June 2022) , 48 EMI ..................what would be date of sale taken as payment he is made n 48 dates and contract of sale was in july 18 and final agreement to sale would be in june 2022 so which date to be taken as date of sale for LTCG and other tax implications

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4 Replies

nikhil (ca) (221 Points)
Replied 04 September 2018

Date of sale will be when possession is transferred if u transferred the possession in July 18 or any other date without considering payment in installments then capial gain be charged in year in which u transferred possession irrespective of payment in installments.

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rama krishnan (12244 Points)
Replied 04 September 2018

if you have received any part payment and transferred the possession, then the agreement date will be reckoned as per section 53A of transfer of property act

camahesh (CS) (57 Points)
Replied 04 September 2018

thanks just 1 more clarity................sir i am recivig payment but not given posession but posession and agreement to sale i would make in june 2022 only so date of transfer/ final sale would be june 2022 only na?