Registered property transfer fixes capital-gains tax year; absolute ownership governs assessment, with later-year tax credited appropriately

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....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.....