A tax payer made sales agreement in financial year 2022-23, but registry of property was done in financial year 2023-24.
AIS is showing property transaction in year 2022-23.
Whether tax payer should consider financial year 2022-23 or 2022-24 for capital gain tax purpose?
Agreement to sale is a contract that an asset will be sold, registration happens when the actual property is transferred.
Capital gains arise when an asset is transferred. Even one needs to consider government value at the time of the sale deed to calculate capital gains.
So, in my opinion, capital gain arises when sale deed (registration) is done and not when sale agreement is made.
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