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2013 (2) TMI 153 - HC - Income TaxDeduction u/s 54 denied - Profit on sale of property used for residence - date of transfer v/s date of registration of the sale deed - on what day, the assessee has transferred rights in property? - Held that:- A finding of fact has been recorded by the Tribunal that there was no delivery of possession prior to 24.09.2004 nor the entire sale consideration received prior to execution of the sale deed.The appellant has received only Rs.15 lacs as the amount of earnest money out of total sale consideration of Rs.1.32 lacs. The balance payment was received only on 24.09.2004 Thus the date of agreement to sell can not be treated as date of transfer of immovable property. Even in terms of Section 54 of Transfer of Property Act, 1882, an agreement to sell does not create any interest in the immovable property. With the execution of the agreement, it cannot be said that the appellant transferred any right in favour of the purchaser - against assessee - no substantial question of law arises in the present appeal appeal.
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