Mr.A purchased a property and made
payment in installments.25% payment is done.,he sold the property to Mr.B. Mr.B paid 25% amount to Mr.A.I would like to know the tax treatment of amount received.
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Tax treatment
Replies (4)
Capital gain calculated accordingly section 48 of IT act... Where full value of consideration is the consideration received or receivable by the transferor in lieu of assest, which he has transferred. LTCG/STCG calculated accordingly... STCG=FULL value of consideration minus expenditure incurred wholly or exclusive in connection with transfer minus cost of acquisition minus cost of improvement
Amount received by Mr.A which includes both principal and interest
no any income tax implications as No any agreement is entered between the both the parties.
however if there is additional money received by the Mr.A during the transaction the this will be treated as income of Mr. A
what will happen if property was not registered in name of Mr.A
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