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Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Capital gains from an immovable-property transfer are taxable in the year the registered agreement completes the transfer under section 2(47)(i), notwithstanding later receipt of consideration or delivery of possession. The notes explain that a registered agreement executed on 28 March 2016 therefore fixes taxability in AY 2016-17, with no allocation to AY 2017-18. Where the vendor was identified as absolutely entitled to transfer the property and confirming parties had no proprietary interest, the entire gain is assessable to that owner; a subsequent family settlement does not alter ownership at the transfer date. Taxes paid, collected, or deducted in AY 2017-18 relating to the same transfer should be credited against the AY 2016-17 liability to prevent retention of tax attributable to income assessed in the correct year.
Capital gains from an immovable-property transfer are taxable in the year the registered agreement completes the transfer under section 2(47)(i), notwithstanding later receipt of consideration or delivery of possession. The notes explain that a registered agreement executed on 28 March 2016 therefore fixes taxability in AY 2016-17, with no allocation to AY 2017-18. Where the vendor was identified as absolutely entitled to transfer the property and confirming parties had no proprietary interest, the entire gain is assessable to that owner; a subsequent family settlement does not alter ownership at the transfer date. Taxes paid, collected, or deducted in AY 2017-18 relating to the same transfer should be credited against the AY 2016-17 liability to prevent retention of tax attributable to income assessed in the correct year.
Note: It is a system-generated summary and is for quick reference only.
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