Profit on sale of booked flat
This query is : Resolved
12 October 2012
Dear sir,
A person booked a flat in a Delhi NCR,by pay the amount of Rs.5 Lakh in march,2012 and sale the right of flat in Rs. 10 Lakh .
Please tell me the profit of Rs.5 Lakh will be treated as short term capital gain,or profit or business or profession.
Thanks & regard
Satyendra Gupta
A person booked a flat in a Delhi NCR,by pay the amount of Rs.5 Lakh in march,2012 and sale the right of flat in Rs. 10 Lakh .
Please tell me the profit of Rs.5 Lakh will be treated as short term capital gain,or profit or business or profession.
Thanks & regard
Satyendra Gupta
12 October 2012
If he purchased for his personal use then short term capital gain will arise. And if he booked the flat as a property dealer then business income will arise.
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