capital gain

[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 .

AI Summary

Capital Gains Tax Applies to Flat Sales Even Without Registration Under Income Tax Act, 1961 An individual queried about the applicability of capital gains tax when a flat is bought and sold without registration or paying stamp duty. One respondent requested clearer details, while another explained that under the Income Tax Act, 1961, capital gains tax is applicable on the transfer of a capital asset. The act defines the extinguishment of any rights in a capital asset as a transfer, meaning that even transferring the right to own a flat before registration is considered a taxable event under capital gains.