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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?

 1 Replies

manish shah (proporitor) (63 Points)
Replied 23 August 2010

hello , please tell wether invest in prop. is carrying any docuement , if so your assesee is having cap assets " right to purchase " ( sc cases on sec 54 F ) . in that case diff will be shtg being  surrender of rights and acceting proceeds @ 24 % int . beawre for prop rate in the area /site at the time of purchase and surrender .

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