Compensation on cancellation of flat booking
This query is : Open
gaurang ganatra
(Querist)
19 January 2013
What will be tax treatment in case of compensation received from builder on cancellation of flat booking.
CA PARAS BAFNA
(Expert)
19 January 2013
Compensation received from the builder over and above booking amount is equivalent to consideration received on transfer of right to acquire property and is liable to tax under the head Capital Gains.
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