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Capital Gain

This query is : Resolved 
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(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
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Ratan Sharma

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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.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
28 June 2009 Yes, it will be covered.
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CA Nitin Wadhwani

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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).
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