Taxation on capital gains

This query is : Resolved

A.G.V.Rao

A.G.V.Rao (Querist)
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22 June 2013 Dear Sir,

If a person is attracted for tax on "Long Term Capital Gains," and he pays that money as an advance for purchasing a flat

within a stipulated time and after one and half year, due to circumstances, he cannot go for registering that flat in his name

and he gets back that money which was given as an advance to builder and thus, his capital asset investment proposal is aborted,

then how the person will be taxable on that money received in present financial year?

Rupesh Jain

Rupesh Jain (Expert)
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22 June 2013 it will taxable @ 20%
if he dont want to invest in any residential property

A.G.V.Rao

A.G.V.Rao (Querist)
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31 October 2013 If a person is attracted for tax on "Long Term Capital Gains," and he pays that money as an advance for purchasing a flat

within a stipulated time and after one and half year, due to circumstances, he cannot go for registering that flat in his name

and he gets back that money which was given as an advance to builder and thus, his capital asset investment proposal is aborted,

then how the person will be taxable on that money received in present financial year?

A.G.V.Rao

A.G.V.Rao (Querist)
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CA Pallav Singhania

CA Pallav Singhania (Expert)
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31 October 2013 The same as treatment would be applicable,
He'll be liable to pay on the LTCG Tax at a rate of 20 percent..

However, He can purchase or construct a residential property under the remaining stipulated time to claim exemption once again....

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