Capital gain

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ramesh (Querist)
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18 November 2015 Sir,
i have purchased a flat in May 2015 and the flat is resale. The agreement value was Rs. 25 lakhs of which i paid 20 lakhs by loan from bank and 5 lakhs by cheque. the sale deed was registered on 5-05-2015.

Now (as on 18-11-2015) due to some issues we (myself & the seller) wants to cancel the sale of the flat.
I want to know if any capital gain will be applicable to me or the seller as in this case there was no actual sale or purchase done.
Waiting for experts advice on this.

Thanks & Regards
Ramesh Pandey
iservesolutions@gmail.com

Amol S Joglekar

Amol S Joglekar (Expert)
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18 November 2015 what is the consideration for CANCELLATION? Please inform

ramesh

ramesh (Querist)
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21 November 2015 Sir if you are asking the consideration amount it is 25 lakhs same as purchase price.
Now pls advice if there will be capital gain applicable to any of the parties.

Thanks in advance
amesh Pandey

Amol S Joglekar

Amol S Joglekar (Expert)
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23 November 2015 The capital gain will be NIL.

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