Dear Esteemed experts,

I had purchased an under-construction property (property A) from a builder in March 2022, for which construction stage-wise payments are still going. In FY 22-23, I had sold another property (property B) and used that money to pay for Property A.

I had claimed exemption of LTCG arising on sale of property B for FY22-23 as I had invested that amount towards partial payments for property A. A registered sale deed agreement was executed by the builder of property A and the property is still under construction.

Due to some circumstances, I am planning to cancel property A and shift my purchase to another under-construction unit in a different tower by same builder (say property C). To do this, the builder suggested that we need to cancel the existing sale agreement of property A, and they will be making a fresh booking for the new unit as property C. The builder will not make an internal transfer of already paid money and will be returning it back to me. Thereafter, on registration of property C sale deed, he will be raising fresh demand letters based on current construction stage of new property and I will need to pay him for it as a fresh booking.

In such a case, how will the LTCG claimed as investment in Property A be handled? There is no real income arising from cancellation of property A as the builder will only pay me the amount I paid to him so far less the TDS deducted by me.

Will this cancellation and transfer to new unit be treated as Sale/Transfer of Property A and fresh purchase of Property C?

I will be thankful for your insights on this scenario.
Thanks.

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My business is registered under an LLP. The registered office of the LLP is in Pune, Maharashtra. The LLP has only 2 partners and both resided in Pune at the time of opening the LLP. Professional Tax (PT) registration was done for LLP and both the partners with Maharashtra PT department and tax was paid accordingly. The nature of business is service-based and it is provided online to clients across the country. GST registration is not applicable. There are zero employees, partners do all the work of LLP; so no PTRC enrolment for LLP, only PTEC enrolment for LLP & both partners.

Now, both the partners have relocated to Bangalore, Karnataka. The LLP continues to be registered in Pune. My queries are as follow:

1) While the LLP pays PT in Maharashtra, can the partners continue to pay PT to Maharashtra as before?
2) If partners try to register with Karnataka government, they may be a demand to pay PT for the partners by both Maharashtra and Karnataka. Can we skip registration with Karnataka Professional Tax department?

Note: It is not feasible to move the LLP registered office to Bangalore (as it would be unnecessary from MCA standpoint, besides being cumbersome & expensive). We would want to leave the regd. office in Pune as it is.

Thank you.

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