Dear all,
One thing i want to confirm from you that, I am working in a proprietor ship concern. During the financial year 09- 10 the proprietor start constrution business,( Make one residential appartment at Khanpur, New Delhi). Due to negetive area no banker ready to provide housing loan to the purchaser of the flats.
Now the proprietor is agree to salf finance agst. the property to the purchaser.
eg. Sale Price 20 lakh, Down Payment Recd. Rs.5lakh and Balance Rs.15Lakh Financeed by the proprietor to the purchaser with a rate of Interest 10% PA for 10 years and the monthly instalment comes to Rs.19823 .
The paper made between the Proprietor and buyer that " AGREEMENT TO SALE" (without any possession Letter) and the paper clearly state that the owner ship is always with the proprietor and the buyer never claimed the ownership until full & Final Settelment.
My question is that, Whether we can book SALE in our books of account during F.Y. 2009-10 on the basis of above papers. IF sale is booked on the above paper basis , Whether it is a sufficient document to prove the Assessing Officer that actual sale is made during F.Y.2009-10 for calculation of CAPITAL GAIN
Waiting ur reply
Regards
TRILOCHAN
CAclubindia
