land acquired through power of attorney, Income Tax

[satbir singh wahi]

land acquired through power of attorney, is sold through registered deed, whether this transaction is valid for calculating capital gain under income tax act.

Posts / Replies

[Ganeshan Kalyani]

Sir, transfer of title and receipt of consideration is the element to work out capital gain. The mode of transfer is not given in the Income Tax Act. Thanks

[satbir singh wahi]

Sir

Thks

But the IT dept says that you have acquired land though power of attorney and agreement , which is not right so benefit of LTCG be not given. Though we had possession and rental income was also declared for four years and then sold .