Transfer of Immovable Property.

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..... Transfer of Immovable Property.
Query (Issue) Started By: - shwetal oswal Dated:- 21-3-2022 Last Reply Date:- 24-3-2022 Income Tax
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Income Tax
Registered Agreement to sale ha .....

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..... s been executed in FY 2021-22 and possession of the immovable property has been given to the transferee. But consideration will be received in installments in next 5 years and final conveyance will b .....

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..... e executed after full payment has been received. In which year will the transfer be considered? In FY 2021-22 or in the year in which final conveyance will be executed? Reply By ARVIND JAIN: The Re .....

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..... ply: I believe it should be the year of Agreement + possession , irrespective of the receipt of consideration as the same should be shown as receivable. Its just instead of Bank you are providing th .....

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..... e instalment facility to the buyer. Reply By Shilpi Jain: The Reply: If its a unit sold before completion certificate is received - then assuming it is a supply of service, the moment possession is .....

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..... trasferred, service is complete and within 30 days invoice to be issued and tax to be discharged. If not, no GST liability.
Discussion Forum - Knowledge Sharing .....

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