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Q. > Please Help: CAPITAL GAIN
In a case, assessee purchased an immovable property in year 2005 from RFC (Rajasthan Finance Corporation) which was duly registered with name of the assessee and possession obtained but RFC allowed payment of consideration over next 5 years i.e. 2010 alongwith interest thereon.
The assessing officer wants to take date of acquisition 2010 i.e. when the last installment was paid not 2005 on which property was purchased.
Pl. comment on the above i.e. is the assessing officer correct? And also quote relevant case studies.
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Comments
maneesh
08-Dec-2016 , 12:37:32 pmACTUAL DATE OF POSSESSION IS 2005
CA Puran Luthra
26-Dec-2016 , 04:10:50 pmIn case registration deed is of 2005 then date of acquisition will be 2005 itself. AO can't take the date of acquisition as 2010. seller has just allowed the payment in installments with interest, then it is just like finance (loan) which could have been taken from any body.