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compensation paid for cancellation agreement for sales

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Querist : Anonymous (Querist)
05 September 2010 Compensation paid for cancellation of agreement for sales of flat. TDS is deducted or not. TDS deducted under which section. Compensation is received capital gain is applicable
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SANJAY TALATI

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SANJAY TALATI (Expert)
06 September 2010 The compensation paid for cancellation of the agreement to sale does not fall under any of the sections of TDS Viz, 192, 194A, 194 B,194C, 194J,194H, 194I etc. Hence, not TDS.
Further, for attracting the provisions of capital gain , there has to have the transfer of the capital asset, which is not the case here. However, the receipt would be liable to Income Tax.
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