Capital Gain
This query is : Resolved
11 January 2011
sir / Madam
My client had entered into an agreement on 10.02.2008 for purchase of land & paid an amount of Rs.500,000 as a part cosideration. on 15.10.2010 the said agreement has cancelled & the only Rs.2,50,000 has been received towards cancellation of an agreement to my client as he had already paid an part consideration. i am confused that whether it taxable under Capital or Not. Or any other treatment is required.
My client had entered into an agreement on 10.02.2008 for purchase of land & paid an amount of Rs.500,000 as a part cosideration. on 15.10.2010 the said agreement has cancelled & the only Rs.2,50,000 has been received towards cancellation of an agreement to my client as he had already paid an part consideration. i am confused that whether it taxable under Capital or Not. Or any other treatment is required.
Guest
Guest
(Expert)
11 January 2011
If I could understood, there is loss of your client. Then, where is question of taxable capital gain ? Please clarify your query.
11 January 2011
thank u sir....
but i want to say that if my client receives more than what he had already paid, then will he is eligible for capital gain tax
but i want to say that if my client receives more than what he had already paid, then will he is eligible for capital gain tax
Guest
Guest
(Expert)
11 January 2011
It will be taxable as STCG as it may be a matter of release of right to an asset.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- STCG FOR GOLD ETFs
- Long Term Service award taxability in hands of company
- Free lancer income
- REGARDING GST LIABILITY/....
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
