Surrender of proprty allotment letter
This query is : Resolved
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
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.
Further, the property was not transferred to you. Therefore, no capital gain arises.
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