Levying Capital Gains Tax on property in litigation on its original consideration price.
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Capital Gains Tax is payable on the latest ready reckoner rate or amount of consideration whichever is higher. Several property matters go to court by way of suit for specific performance of the contact and the market price of the suit property escalates many folds since the inception of the suit. Its a gross injustice to levy Capital Gains Tax on the ready reckoner market value when the property is ordered to be conveyed to the buyer by the Court (after the final determination of the suit) at the original price mentioned in the agreement which is always much lower than the market value.
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