One of my client sold urban Land on 18th March 2019(Purchased on 26-02-2012 for Rs.848000/-) for Rs.3250000/- and registered the property in the name of the buyer on the same day. On 14th june 2019(Ay 20-21) he cancelled the Registration and returned the consideration received on 18-03-19. Can he pay LTCG for A/y 2019-20?
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Taxability of long term capital gain on sale of land(registered) subsequently cancelled
Replies (3)
No need, if the cancellation of agreement is properly justifiable.
1. Once the agreement didn't go through, there is no question of transfer and resultantly Capital Gains tax will not arise.
2. Capital gains will not arise in your case.
Please correct me if the above solution has an alternative view.
CAPITAL GAINS TAX ARISES.
TRANSFER OF CAPITAL ASSET HELD FOR MORE THAN 3 YEARS.
TRANSFER OF CAPITAL ASSET HELD FOR MORE THAN 3 YEARS.
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