Mr A had booked a property by paying Rs 30,00,000/- (50% value of property) in March 2010 and 25% of Property value i.e Rs 15,00,000/- on Mar 2012. Now in Mar 2013 Mr A wants to Relinquish the Right of That Property. Against that Mr A is Receiving Rs 60,00,000/-. So What will be the Tax implication on Mr A. Kindly Suggest with refernce to relevant section.
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Transfer of right to buy a property
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There will be short term capital gain as the property is sold within 36 months.
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