Capital Gains Taxation Should Be Based on Receipt of Possession, Not Occupancy Certificate: ITAT [Read Order]

Despite the AO's decision to tax in AY 2017-18, the Tribunal accepted the possession letter and applied Section 45(5A) for AY 2018-19.
By Sneha Sukumaran Mullakkal - On September 6, 2024 4:11 pm - 2 mins read
Capital gains tax - ITAT ruling - Receipt possession tax - Occupancy certificate tax - Hebbal property tax - Taxscan

Alagappa Muthiah (HUF), the appellant assessee, co-owned 6 acres 23.2 guntas of land in Hebbal Village. On 10/02/2011, he entered into a Development Agreement, resulting in the development of his property into commercial and residential units, including the entire commercial unit and 6 apartments. On 05/07/2019, the assessee acknowledged a capital gain of Rs.14,60,95,303 for…

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