Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2013 in 2007 i have deposited rs. 9 Lakhs for booking a flat. only receipt given to me for said amount no agreement made. but this flat not alloted to me . after that i wanted compensation for that flat then rs. 21 lacks given to me as compapensation total 30 ( 9+21) laks received.
so i want to know any tds, capital gain lability arise .. or 54 exemption available
Further if situation in opposite side then what type of tretment avialable ( like if i given compensation )

kunal

kunal (Expert)
Follow

13 May 2013 since there was no agreement, therefore no right transfered. So. there is no question of capital gain;no exemption u/s 54

Rs. 21 lac shall be taxable u/h Other source

TDS provisions are also not applicable because compensation is in the nature of Penalty.

on the other side: if you are a builder then you can claim it as a expenditure(compensation paid)

opinion of other experts are also welcomed

thanks!