Capital gain

subhash bajpai (Querist) 29 November 2012 This query is : Resolved
I have purchased one property in 2005 payment was mede, possession was taken and depreciation was allowed on building. but registration was not done. After four year in 2009 the agreement to sell (2005) cancelled and I have received 20 lacs more than purchase price given in 2005. whether this gain of Rs. 20 lac will be treated as long term capital gain or income from other sources ? Pls give your answer with decisions of courts if any.

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ajay sethi (Expert) 29 November 2012
your chartered accountant will advise you as to whether it is long term gain or income from other sources

Raj Kumar Makkad (Expert) 30 November 2012
As sale deed had not been registered in your name so legally you were not owner of the residential property hence the income shall not come within capital gain and it shall fall under head income from other sources.

prabhakar singh (Expert) 30 November 2012
You shall be taxed as per your income slab for this income too.

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