I want to ask question related to Capital Gains Tax( Year of Taxability).
I bought a Flat in Pune in Oct 1997.
Same Flat was sold on 15 April 2009.
Agreement To Sale was done on 23 March 2009.
Sale-Deed was done on 15 April 2009 after getting Final amount.
Possesion of Flat was given on 15 April 2009.
My transaction has taken place in TWO different Financial Years.
I want to acertain- YEAR OF TAXABILITY .
Which Financial Year should be considered for
computing Capital Gains Tax ??
F Y 2008-2009 -As per Agreement-To-sale basis
F Y 2009-2010 – As per Sale-Deed basis ??

Admin’s Response:

The property would be considered to have been transferred when full consideration money is received and possession is given. In this case, the taxability of capital gains would arise in F.Y. 2009-10.