Capital Gains on Buyers agreement
This query is : Resolved
25 June 2009
I booked allotted a flat with DLF and signed a Buyer's agreement. However during the construction by DLF and before the possession I transferred the flat in FY 2008-09 by endorsing on the buyers' agreement and the same was transferred by DLF in their record. Please advise the tax implication on profit resulting from the transaction.
Thanks
Rajesh
Thanks
Rajesh
25 June 2009
it seems to be capital gain because doing above you have transferred your right which is taxable in capital gain
26 June 2009
Yes.
The income is taxable under Income from Capital Gains by virtue of clause 3 of Sec.2(47) i.e relinquishment of any right in the asset.
The income is taxable under Income from Capital Gains by virtue of clause 3 of Sec.2(47) i.e relinquishment of any right in the asset.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
