https://www.taxtmi.com/caselaws?id=425395 Capital gains on immovable property arise when transfer is effectively completed under section 2(47) of the Income-tax Act, 1961; an earlier unreflected banakhat and absence of proved possession transfer did not shift the taxable event. The registered sale deed was therefore treated as the operative transfer, making the legal heirs chargeable in that year. For computation, stamp duty valuation under section 50C was applied and the assessee's taxable exposure was confined to one-fourth, consistent with her share among four legal heirs. The appellate computation was accepted and no further enhancement was made. en-us Wed, 20 Jul 2022 00:00:00 +0530 Fri, 22 Jul 2022 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425395 Capital gains on immovable property arise when transfer is effectively completed under section 2(47) of the Income-tax Act, 1961; an earlier unreflected banakhat and absence of proved possession transfer did not shift the taxable event. The registered sale deed was therefore treated as the operative transfer, making the legal heirs chargeable in that year. For computation, stamp duty valuation under section 50C was applied and the assessee's taxable exposure was confined to one-fourth, consistent with her share among four legal heirs. The appellate computation was accepted and no further enhancement was made. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425395