Property seller cancels contract - capital gain
Akshit Gupta (Student CA Final ) (25 Points)
24 June 2015Akshit Gupta (Student CA Final ) (25 Points)
24 June 2015
Z
( )
(2960 Points)
Replied 25 June 2015
If the property seller was assessed under business income from sale of properties then he can claim entire compensation as revenue expenditure. However, if such property was a capital asset then this compensation shall be treated as cost of improvement, being a capital expenditure.
Akshit Gupta
(Student CA Final )
(25 Points)
Replied 25 June 2015
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