‘Benefit from scrapped flat deal is capital gain’

If a Mumbaikar books a flat, then cancels the deal with the builder, and benefits by receiving a sum higher than the earnest amount paid, the excess will not be treated as a tax-free income. In tax parlance, it will not constitute a capital receipt.

from Mumbai News: Latest Mumbai News Headlines & Coronavirus News Updates from Mumbai - Times of India https://ift.tt/3ic8Mb9