Capital Gain
This query is : Resolved
Atul kumar singh
(Querist)
27 June 2009
if any person has booked the plot of land and also pays the booking amount for the same .
However no sale deed executed.
Afterwards, such booking has sold to other person.
Whether it be covered under Capital Gain Taxation or not
pls respond immidiately
Thanks
if any person has booked the plot of land and also pays the booking amount for the same .
However no sale deed executed.
Afterwards, such booking has sold to other person.
Whether it be covered under Capital Gain Taxation or not
pls respond immidiately
Thanks
Ratan Sharma
(Expert)
27 June 2009
If the nature of business of such person is of that type i.e. sale/purchase of properties then it will covered under business income otherwise the transaction will conver under capital gain. The excess amount will be chargeable to tax under the head capital gain as it is sale of rights.
28 June 2009
Yes, it will be covered.
CA Nitin Wadhwani
(Expert)
28 June 2009
Yes.
It will be always taxable under "Income from Capital Gains via clause 3 of Sec.2(47).
It will be always taxable under "Income from Capital Gains via clause 3 of Sec.2(47).
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