Hello,
One of my friend had made a down payment for a property in a real estate project which was declared open for booking but construction was originally planned to start after 6 months. The construction was not started for about a year and then due to some indifferences, he has cancelled the booking of property. He has got his original amount back after 1 and 1/2 year. Builder hadn't given any interest on the amount which they had used for 1 and 1/2 year. What would be the consequences from Income Tax perspective for him?
CAclubindia
