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Do we need to pay advance tax on capital gains after agreement?- Property Hotline
Posted
December 15, 2016
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December 15, 2016
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2:08Now PlayingExpert: Vinay Singh, Legal & Tax Expert
Question: I am approached by a builder to build an apartment complex on my land. Is it true that I need to pay advance tax on the possible future capital gains, as soon as the agreement is signed?
Answer: Capital gains arise when the agreement constitutes a transfer. You will have to grant the development rights and/or possession or power of attorney. You will need to pay advance tax in that year. All the things depend on the wording of the agreement and that will take care of the tax implications. A landmark judgement which is similar to the situation is Jasbir Singh Sarkaria's case.
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