Tax on Surrender of investment

Ankit Agarwalla (CA) (281 Points)

21 August 2010  

Friends please resolve the following for me -

Amount invested in property to be constructed - 6720000/- on 18/10/2007

Investment in property converted into loan @ 24% of value 10200000/- on 17/12/209

Will the difference(10200000-6720000) be taxable as STCG on sale of right or as income from other sources?

Will it make any difference if the assessee is a Non Resident?