Capital Gain
This query is : Resolved
28 March 2009
One of my client purchased a Plot from a Society of government of Punjab for Rs.6,10,000/- on 26-10-2004 on the condition that he can sell it to only Housing development organisations. My client made an Sale agreement with a Housing Development Organisation for Rs.82,50,000/- on 25-02-2007 in which it was said that payment can be made in four installment without any date mentioned. My client received 1st Installment on 13-03-2007 of Rs.15,00,000/- and 2nd of Rs.18,00,000/- and deposit a tax of Rs.9,00,000/- on 15-03-2008 but there after Real owner of property i.e. Society of Punjab Government filed a case in a court that this sale can not be made to this organisation and stay has been granted by court. Now i want to file return of my assessee for the A.Y-2008-2009. How could i file it whether i will claim refund of that amount or anything will done diffrenet.
28 March 2009
Dear Yatin,
Here much better option is to claim for refund, and don't treat it as a sale.
Here much better option is to claim for refund, and don't treat it as a sale.
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