Cancellation of flat booking
This query is : Resolved
03 September 2012
Sir,
I had booked a flat and paid 60 % of the flat value but was not able to pay the balance amount due to shortage of fund and said amount of 60% was paid together at one time and then the builder waited for 2 years but i could not pay the balance amount. Therefore the builder cancelled the booking and handed over me my amount along with interest. My question is whether under what head my tax will come for the above and what would be the percentage?
I had booked a flat and paid 60 % of the flat value but was not able to pay the balance amount due to shortage of fund and said amount of 60% was paid together at one time and then the builder waited for 2 years but i could not pay the balance amount. Therefore the builder cancelled the booking and handed over me my amount along with interest. My question is whether under what head my tax will come for the above and what would be the percentage?
03 September 2012
In my opinion, the interest given by the builder will be treated as Income from other sources and taxable in your hands. Calculate the interest for the PY 2011-2012 and PY 2010-2011 separately and report it in your return.
I am not sure about how to report the interest income of PY2010-11 now.
I am not sure about how to report the interest income of PY2010-11 now.
04 September 2012
But this would not attract short term capital gain tax. Please advise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
