capital gain, Income Tax

[alok srivastava]

assessee claiming no capital gain is to be levid unless tital of the flate did not transfer, whereas the assessee has purchase the flate and then sell the flate without registration,without paying stamp duty .

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Your query is not clear. The facts may be given in a clear version.

[SANJAY DAVE]

Capital gain is chargeable on "transfer" of a "Capital Asset". Under section 2(47) (ii) of the Income Tax Act, 1961 extinguishment of any right in a capital asset amounts to Transfer of the capital asset. Flat is a property of any kind and hence a capital asset and even if you transfer the right to own a flat (before it is registered in your name) capital gains is chargeable on such transfer.