Typical Case

Shefali Bajpai (Article Assitant & CA Final Student)   (1148 Points)

07 March 2008  
X, an Individual sold out his ancestral property during the FY 2007-08. The sale was also registered during the year. However, the sale proceed as mentioned in the Sale Deed is to be received by X in three Annual installments starting from FY 2007-08.
 
In such a case will the date of sale deed be considered as date of transfer even when  only 1/3 rd Sale proceed is received during the year.
 
Further, considering the complete Sale Proceed as mentioned in the Sale deed the Capital Gain Liability is huge. In that case what kind of Capital Gain Tax Planning be done by X.
 
 
Regards,
Shefali.