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Taxability of long term capital gain on sale of land(registered) subsequently cancelled


M.V.S.S.SURYA BHAGAVAN (income tax practitioner)     28 June 2019

M.V.S.S.SURYA BHAGAVAN
income tax practitioner 
 1 likes  67 points

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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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Ruksar momd. (learner)     28 June 2019

Ruksar momd.
learner 
 42 likes  270 points

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No need, if the cancellation of agreement is properly justifiable.

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Suresh Thiyagarajan (Student)     29 June 2019

Suresh Thiyagarajan
Student 
 251 likes  3956 points

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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. 

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sabyasachi mukherjee   29 June 2019

sabyasachi mukherjee

 126 likes  3549 points

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CAPITAL GAINS TAX ARISES.
TRANSFER OF CAPITAL ASSET HELD FOR MORE THAN 3 YEARS.


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