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Surrender of proprty allotment letter

This query is : Resolved 
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27 May 2015 date of allotment letter of Property 2/5/2012...initial payment Rs. 40000 2nd payment 2/5/13 Rs. 40000 3rd payment 2/5/2014 Rs. 40000 Date of surrender due to non completing of projects 15/5/2015 Money received 240000 kindly suggest the treatment of capital gain in this scenario
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CA. SHIVA SHANKARA R. SHETTY

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CA. SHIVA SHANKARA R. SHETTY (Expert)
27 May 2015 Actually, whatever amount paid you, is in the nature of capital advance. You are not actually, received the 'right to use' or 'possession of the property'.

Further, the property was not transferred to you. Therefore, no capital gain arises.
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