Menu
Index rate for sale of property
One house is sold in PY 2021-22 so agreement was done in PY 2021-22 but full consideration was paid in PY 2022-23. Hence the transaction will be considered in PY 2022-23 but for calculating capital gain which year's index rate is considered? Stamp duty & tds payment was done PY 2021-22 however sale is considered in PY 2022-23.
Replies (4)
Sale should be considered in FY 2021-22 for capital gains.
CII for 2021-22 is 317
CII for FY 2022-23 is 331
But full consideration was paid in next year of agreement & possession was also given in next year hence we decided to consider sale transaction in next year i. e. FY 2022-23. TDS deducted will also be carried forward to FY 2022-23.
You have to consider indexation of FY 21-22 even if consideration received later . As per Govt records transaction completed in FY 21-22 and tax on same is to be paid in that year.
Payment of consideration is immaterial subject to conditions. if the registration was made during the fy 21-22, the same needs to be taken for INDEXATION purpose and not the year during which the consideration received
Recent Threads
- Whether GST applicable on Hardship Compensation pa
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
- 44ad presumption of tax
- Friendly loan to blood relative?
- Tds penalty for in operative pans
- TDS on Property- 26QB filing Doubt
- HSN code for Exempted supplies
- HSN Summary of Outward Supplies (Sales and Advance
Related Threads
CAclubindia
