RE: [aaykarbhavan] Year of taxation for Capital gain on transfer of development rights to Builder

Thank you sir.

 

From: aaykarbhavan@yahoogroups.com [mailto:aaykarbhavan@yahoogroups.com] On Behalf Of CA Naga Raju P
Sent: Tuesday, August 27, 2013 10:52 AM
To: aaykarbhavan@yahoogroups.com
Subject: RE: [aaykarbhavan] Year of taxation for Capital gain on transfer of development rights to Builder

 

 

Dear CA Mahesh

 

Kindly refer the following case it will give a solution to your query.

Charanjit Singh Atwal and Others  (ITA 448/Chd/2011) (Chandigarh Tribunal)

 

With regards

CA Naga Raju P

 

NAGA & Associates, Chartered Accountants

Bangalore|Chennai|Hyderabad

www.nacas.biz

 

Please consider the environment before printing this email

This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential and exempt from disclosure. It is strictly prohibited to disseminate, distribute or copy this communication if you are not the intended recipient, or an employee or agent responsible for delivering the message. If you have received this communication in error, please accept our apology. Please telephone the sender at +91-80-4175 7021 or email them by return.

 

From: aaykarbhavan@yahoogroups.com [mailto:aaykarbhavan@yahoogroups.com] On Behalf Of CA Mahesh Indani
Sent: 24 August 2013 11:33
To: aaykarbhavan@yahoogroups.com
Subject: [aaykarbhavan] Year of taxation for Capital gain on transfer of development rights to Builder

 

 

Post:

 

Dear Experts, I have some query regarding CG-

If assessee transfers DR in the year 2010 on conditional consideration of 40 % of new developed building ( Residential + Commercial shops) to be received from builder after completion of building in the year 2014, in which year Capital gain should be taxed?

Case is under scrutiny-

##
I am being arguing with ITO that the said transfer shall be taxable when the actual consideration is received. As when development rights were transferred land was Agricultural Land and was not capital asset. IT was converted to NA by builder after agreement.

ITO is arguing on the basis of section  Sec 2(47)(v)  that even if there is no consideration received, CG should be taxed in the year 2010 itself.

--

Regards,

CA Mahesh B Indani

(Mob- 0 94 226 20 850)

 

P  "Please don't print this Email, unless you really need to."

 

 

__._,_.___

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Your email settings: Individual Email|Traditional
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe

__,_._,___