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Capital Gains on Buyers agreement

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(Querist)
25 June 2009 I booked allotted a flat with DLF and signed a Buyer's agreement. However during the construction by DLF and before the possession I transferred the flat in FY 2008-09 by endorsing on the buyers' agreement and the same was transferred by DLF in their record. Please advise the tax implication on profit resulting from the transaction.

Thanks
Rajesh
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CA Sanjeev Kr Jain

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CA Sanjeev Kr Jain (Expert)
25 June 2009 it seems to be capital gain because doing above you have transferred your right which is taxable in capital gain
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
26 June 2009 Yes.
The income is taxable under Income from Capital Gains by virtue of clause 3 of Sec.2(47) i.e relinquishment of any right in the asset.
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