Pradeep Sharma (student) (114 Points)
04 April 2010If an indiviual have sold its resendital house proerty & then he has booked a house with a bulider & part payment has been made but the bulider has not given the possession,it is more than 3 yrs has been escaped been housed booked,
& the section has said that for claim the deduction a house sholud be purchsed with in a 2 yrs of sale or to be constructed with in 3 yrs.
so pls help me, what to do in the case,sholud he has to deposited tax on capital gain or not
thnks in advance
CA Babit Khurana
(learning is my passion)
(338 Points)
Replied 05 April 2010
In this situation, then the whole amount which is exempt earlier is treated as income of assesse and he is required to pay tax on it.
Pradeep Sharma
(student)
(114 Points)
Replied 05 April 2010
but dear friend
what is the mistake of the assesse he has not done any wrong thing it is only the defect of the bulider who has not given him the prossession. with in the presibe time period
its not the falut of the asseesse.
CAclubindia
