Taxability on excess amount repaid against advance amount

Tax queries 415 views 1 replies

Assesse have paid adbavce 15 laks towards a flat 5 years ago. But the assessee doesnot take  the flat and the builder reapid the advance with an excess amount of Rs 5,00,000/-. What is the charging section under Income Tax and charging head of income?

Is it Long term Capital gain?

Pls give the nature of Income?

Replies (1)

Shrijith !!! Its a simple 1 !!! Its an income chargeable to I.Tax and to be charged under IFOS

i.e. income from other source and not capital gain !!!

 


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