Date of transfer of plot

[Avaneesh Dvivedi]

One big plot was divided and sold to different partes in different years say 2002-03 ,2003-04 & 2004-05 Last part of the plot was sold on 2004-05.Wha is the date transfer o the plot.

[Guest]

In my opinion when one plot divided & sold to different parties taxes are applicable at the time of transfer of property to individual buyers,since the sale/ transfer agreement is done at the time of transfer i.e.in respective years,when last part of the plot sold on 2004-05 tax applicable to the last buyer as applicable. The date of transfer of the plots are in respective years.

[Surender Gupta]

Respective portion of the plots sold shall be assessed in the year in which they are transferred, provided the transfer is complete with respect to that portion.

AI Summary

Date of transfer governs tax liability: each subdivided plot portion is taxed when its transfer to an individual buyer is complete. Date of transfer determines tax incidence for portions of a subdivided plot: each portion is taxable when that portion is transferred and the transfer is complete, evidenced by the sale/transfer agreement and conveyance to the individual buyer, and assessment follows in the corresponding tax period for that portion.