About income tax applicability- premium

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rupesh (Querist)
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12 July 2012 i had invested rs.5,00,000/- in construction company in feb2010, they alloted me 1 bhk flat by allotment letter after paid the 65% payment of flat. now company introduced return back scheme to take back money with premium of rs. 4,00,000/- in march 2012. and i surrender my flat to company and earned rs. 9,00,000/- with preimum above metioned which was allotement to me.

my question is shall i have to pay capital gain or regular income tax on this preium? i confusing regard this. any body can explain me its urgent- rupesh ghone

Kaushal Jha

Kaushal Jha (Expert)
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12 July 2012 As per the query you have earned an income of Rs. 4,00,000/- on surrender of your allotted flat. As per me this falls in STCG category as allotment was made in your name which you have surrendered. Even if contrary view is taken, income would be taxable under other source but rate of taxation would remain same. Recently I had to appear for the similar case before ACIT. The AO accepted my plea and treated it as STCG.

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rupesh

rupesh (Querist)
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17 July 2012 thanks for solved my q but i had applied for cancellation in 28 march 2012, and they paid me amount in april 2012 then, for which assessment year my income shall be assessed or have to return my income tax for a.y. 2012-13 or a.y. 2013-14

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