Agreement to sell property was executed and registered on 16-1-2009 whereby part possession of property had been handed over to purchaser on part payment being made. Sale deed was executed between parties on 31-3-2009 whereby entire terms and conditions were satisfied, full sale consideration was paid and possession of property was handed over to purchaser.\u00a0 Sale deed was registered on 1-4-2009. The assessee showed the capital gain and claimed exemption u\/s 54 of the Act in the AY. 2009-10. The assessment was reopened on the ground that the capital gain is chargeable to tax in the AY. 2010-11 and wrongly claimed the exemption .Order of the AO is affirmed by the CIT(A). On\u00a0 appeal the Tribunal held that \u00a0as per S. 47 of Registration Act states that registered document shall operate from date of its execution; in view of this, transfer of capital asset completed in preceding assessment year 2009-10, and capital gain tax\u00a0 was rightly\u00a0 offered in the AY.2009-10. Merely because sale deed dated 31-3-2009 was registered on 1-4-2009, it could not be said that transaction of transfer of capital asset took place in assessment year 2010-11. (AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Transfer- Year of taxability-Sale deed was executed on 31-03 2009\u2013Full payment of sale consideration was received\u2013Registration was done on 1-04-2009-Capital gain tax is chargeable in assessment year 2009-10 and not in 2010-11. [S. 2(47)(v), 45, 147, Registration Act, S.47, Transfer of property Act, 1982, S.53A]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9659","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2vN","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=9659"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9659\/revisions"}],"predecessor-version":[{"id":9660,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9659\/revisions\/9660"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}