Capital Gain
This query is : Resolved
11 January 2011
sir / Madam
My client had entered into an agreement on 10.02.2008 for purchase of land & paid an amount of Rs.500,000 as a part cosideration. on 15.10.2010 the said agreement has cancelled & the only Rs.2,50,000 has been received towards cancellation of an agreement to my client as he had already paid an part consideration. i am confused that whether it taxable under Capital or Not. Or any other treatment is required.
My client had entered into an agreement on 10.02.2008 for purchase of land & paid an amount of Rs.500,000 as a part cosideration. on 15.10.2010 the said agreement has cancelled & the only Rs.2,50,000 has been received towards cancellation of an agreement to my client as he had already paid an part consideration. i am confused that whether it taxable under Capital or Not. Or any other treatment is required.
Guest
Guest
(Expert)
11 January 2011
If I could understood, there is loss of your client. Then, where is question of taxable capital gain ? Please clarify your query.
11 January 2011
thank u sir....
but i want to say that if my client receives more than what he had already paid, then will he is eligible for capital gain tax
but i want to say that if my client receives more than what he had already paid, then will he is eligible for capital gain tax
Guest
Guest
(Expert)
11 January 2011
It will be taxable as STCG as it may be a matter of release of right to an asset.
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