Sale of immovable property

This query is : Resolved

ATUL BELEL (Querist)
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18 February 2014 IF AN ASSESSEE GAVE ADVANCE FOR PURCHASE OF IMMOVABLE PROPERTY FOR WHICH NO AGREEMENT IS MADE, NOW THE ASSESSEE SOLD THESE PROPERTY TO PERSON FOR THE AMOUNT GREATER THAN THE ACTUAL ADVANCE AMOUNT.
1.WHAT WOULD BE THE TREATMENT FOR EXCESS AMOUNT RECEIVED FROM THE PERSON?
2.UNDER WHAT HEAD OF INCOME THE SAME WILL BE TAXED?

CA Hardik Bunha

CA Hardik Bunha (Expert)
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18 February 2014 The excess amount will be chargeable to tax.

the excess amount will be chargeable to tax under OTHER SOURCE.

Because here the "TRANSFER" is missing.
(Possession also not taken).