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Capital Gain Taxable in the year in which possession of property passed on to developer
Case Law Details
- Case Name
- M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Hyderabad
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M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad)
The question raised is, in the case of ‘JDA’ transaction, at what point of time, capital gain arises. It is settled law that in the year in which the possession of the property is passed on to the developer is the year in which the provision of capital gains get attracted.
FULL TEXT OF THE ITAT JUDGMENT
This is assessee’s appeal for the A.Y 2010-11 against the order of the CIT (A)-6, Hyderabad, dated 5/2/2018. The assessee has raised the following grounds of appeal:
“On the facts and in the circumsta...
