Taxability on excess amount repaid against advance amount

SREEJITH S NAIR (FINAL STUDENT) (46 Points)

12 January 2012  

Assesse have paid adbavce 15 laks towards a flat 5 years ago. But the assessee doesnot take  the flat and the builder reapid the advance with an excess amount of Rs 5,00,000/-. What is the charging section under Income Tax and charging head of income?

Is it Long term Capital gain?

Pls give the nature of Income?