Capital gain applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2016 Please Advise\

One of our client had purchased a flat in kochi. and paid till 31.03.2015 Rs 35,30,000/- but the builder has transferred and registered the said flat to another person and the builder has become ready to repay Rs. 36,00,000/- is there capital gain.

Amol S Joglekar

Amol S Joglekar (Expert)
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04 January 2016 It wont be a capital gain as such. See the document with which the builder is paying 3.6 million. The document must have mentioned the purpose...mostly interest or compensation.

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2016 One of our client had purchased a flat in kochi. and paid till 31.03.2015 Rs 35,30,000/- but the builder has transferred and registered the said flat to another person and the builder has become ready to repay Rs. 36,00,000/- is there capital gain. What if the flat was registered in the name of the client ??

Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2016 Awaiting for reply its important and urgent

Amol S Joglekar

Amol S Joglekar (Expert)
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12 January 2016 please give me the details of wording used in the document with builder

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2016 Document not yet recvd and amt Recvd is Rs. 36.40 lac and amt paid was Rs 35.30 lacs

Amol S Joglekar

Amol S Joglekar (Expert)
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06 February 2016 prima facie it is the case of capital gain. But, if the wording of the deed is such that it is the amount paid for compensation or penalty tc., then it will be the case of income from other sources and not capital gain.

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