Tax libality
This query is : Resolved
shayam jain
(Querist)
04 November 2011
sir i have applied a plot in housing board gov. in 2005 i have alloted it but unfortunately i have unable to deposit the balance due . so i transfer this property to x party & i recive my application money from x party with any profit & he deposit balance due amt of H .B. time to time in 2008 complete payment in H.B.& issue no dues in favour of me after this as per agereement in 2008 i exucuted sale deed in favour of x this fact is clearly mentioned in sale deed i have nothing earn. sir have any libality of tax on me plese tell me / any judgement case like this cases tell me
07 November 2011
Capital gain is raised on the amount exceed the cost of acquisition. In the above case you have mentioned that no profit arise than liability will not raised.
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