Profit on sale of booked flat

This query is : Resolved

SATYENDRA KR. GUPTA (Querist)
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12 October 2012 Dear sir,
A person booked a flat in a Delhi NCR,by pay the amount of Rs.5 Lakh in march,2012 and sale the right of flat in Rs. 10 Lakh .

Please tell me the profit of Rs.5 Lakh will be treated as short term capital gain,or profit or business or profession.

Thanks & regard

Satyendra Gupta

Pankaj Gupta

Pankaj Gupta (Expert)
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12 October 2012 If he purchased for his personal use then short term capital gain will arise. And if he booked the flat as a property dealer then business income will arise.