27 June 2009
if any person has booked the plot of land and also pays the booking amount for the same . However no sale deed executed. Afterwards, such booking has sold to other person. Whether it be covered under Capital Gain Taxation or not pls respond immidiately Thanks
27 June 2009
If the nature of business of such person is of that type i.e. sale/purchase of properties then it will covered under business income otherwise the transaction will conver under capital gain. The excess amount will be chargeable to tax under the head capital gain as it is sale of rights.
CAclubindia
