hI Friend
if one of my client got possession for his property in 16.05.2009 and advance had paid in 12.05.2008. so which date i have to take for calculation. the agreement date was 13.06.2008.
12 Replies
CA Hemang Shah
(PRACTICE)
(658 Points)
Replied 11 May 2011
ofcourse on agreement date. B4 agreement date it should be disclose under the head loans and advances in balance sheet.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 11 May 2011
everything depends on accounting for the concerned years, if the person has shown the payment transaction in "assets" sub head "fixed assets" sub sub head " property" then the date of credit this account , counter confirmed by agreement and bank transactions,is fit for income tax.
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8639 Points)
Replied 11 May 2011
Agreement or possession whichever is earlier.
Chandan kumar
(B.Com. (H) & CA FINAL and intrested to learn new thing)
(263 Points)
Replied 11 May 2011
Agreement date or posssession date which ever is earlier
saranraj
(CA FINAL)
(419 Points)
Replied 11 May 2011
ownership, risks, rewards everything passes only on agreement date. hence agreement date is the ideal date.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 11 May 2011
under agreement even, the date of 1st payment is mentioned, so i belive that the very 1st payment makes the buyer eligible to own the property, subject to counter confirmation of agreement, and later on getting it registered on basis on agreement.
(Guest)
| Originally posted by : saranraj | ||
 |
ownership, risks, rewards everything passes only on agreement date. hence agreement date is the ideal date. |
 |
ageed.
because in some property related agreements the agreement may be cancelled before possession
MAHENDRA CHOUHAN
(MARKETING MANAGER)
(23 Points)
Replied 03 August 2011
I need you help regarding tax payment for following transaction.
STCG generating from sale of (flat) property so how to pay the tax amount generating on this transaction, suppose a flat is sold in july 2010 than advance tax payment treatment I would like to know whether it has to be paid in lumpsum in sep.2011 or in 30% , in sep. 60 % in dec 2011 and remaing before 15 the march.
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