Capital Gain
This query is : Resolved
21 August 2010
Mr. X has booked a plot in a scheme floated by a builder. He has Paid NOminal Booking Amount. No Sale Deed or other agreement is done till 2 years. AFter 2 years that builders has demanded that Plot from Mr. X by offering hire prices. Mr. X has sold it and received the full amount through cheque.
Whether the excess amount received by Mr. X is chargeable to Tax as LTCG or in other way?
Whether the excess amount received by Mr. X is chargeable to Tax as LTCG or in other way?
22 August 2010
it is income u/h speculation income and not capital gains.
03 October 2021
As there was no agreement, nor it's business; hence such income is assessed u/h. 'IFOS'
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