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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House sold on emi
Replies (4)
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.
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
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?
thanks a lot......................................for clarity
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