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Land agrrement cancellayion

CA Pramod Jain (manager finance) (1577 Points)

20 April 2013

We have bought some land for Rs.3 Cr at panvel 2year ago registered in our by paying applicablt stamp duty.Land was grouped under Fixed Assets.

Now we are planing to cancel the agreement by through process, and get back the amount of Rs.3 Cr (at same value).

Is there any tax implications?

What will be treatment i.e. sale of fixed assets or any thing else?

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1 Replies

Amber Jain (Article Assistant) (206 Points)
Replied 27 May 2013

I don't think so that there is any law relating to cancellation of registry either you have to Transfer or we can say the sell the Asset and short term capital gain will arise but you can do a planning here but your case is not clear. I am not getting what's exactly going.