POA

ganapathy (Querist) 04 August 2009 This query is : Resolved
Hi,
I entered into a POA on November 10, 2008 for selling my house. we have signed, got consideration and i have handed over the possession. We went to the SRO, teynampet and got authenticated by the sub registrar on december 26, 2008. For purpose of capital gains tax, should i take november 10 or december 26 as the transfer date?

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Advocate SK Rohilla New Delhi (Expert) 04 August 2009
Dear Ganpathy,
Your question is not clear. It is not understood as how these dates are relevant for the purpose of capital gain tax.

If you gain any capital on sale of housing property you have to pay tax on capital gain (short term (within 3 years or long term (beyond three years)). However, you can get relief by investing the gained amount in purchase of other housing proprty.

ganapathy (Querist) 04 August 2009
ok. leave capital gains. which date should be taken as transfer (sale) date?

sanjeev murthy desai (Expert) 04 August 2009
Dear Mr. Ganapathy,

as your fact, the document execution date was Nove 10, 2008. Please consider that date.

sanjeev desai

sanjeev murthy desai (Expert) 04 August 2009
If the "date of the document" is questioned, the date of execution of the document is considerable, if the execution date unavialble in that document that time " date of Registration is applicable.

sanjeev desai

PALNITKAR V.V. (Expert) 10 August 2009
The date on which you receive payment is the material date since you derive capital gain on that date. Registration is a formality to validate the document.

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