Friends please resolve the following for me -
Amount invested in property to be constructed - 6720000/- on 18/10/2007
Investment in property converted into loan @ 24% of value 10200000/- on 17/12/209
Will the difference(10200000-6720000) be taxable as STCG on sale of right or as income from other sources?
Will it make any difference if the assessee is a Non Resident?
hello , please tell wether invest in prop. is carrying any docuement , if so your assesee is having cap assets " right to purchase " ( sc cases on sec 54 F ) . in that case diff will be shtg being surrender of rights and acceting proceeds @ 24 % int . beawre for prop rate in the area /site at the time of purchase and surrender .
VIKAS VERMA & CO
New Delhi
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