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Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2013 in 2007 i have deposited rs. 9 Lakhs for booking a flat. mere receipt of payment for said amount given to me with specified flat no.. no agreement made. but this flat not alloted to me . after that i wanted compensation for that flat then rs. 21 lacks given to me as compapensation total 30 ( 9+21) laks received.
so i want to know any tds, capital gain lability arise .. or 54 exemption available Further if situation in opposite side then what type of tretment avialable ( like if i given compensation )

& mere receipt with specified flat no. attract allotment of flat.

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
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27 May 2013 Firstly, mere receipt is not allotment as rightly pointed out by you.
Further the consideration received on remission of right can be charged as capital gain.
However there is no express taxability of such right (even IF we can term it as a RIGHT)

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