...Hi All, I had booked an underconstruction flat in Jun 2014 by paying Rs 9.25 lakh. Further I had paid for Service Tax, VAT, Registration and stamp duty fees and my agreement was get registered with the registrar office. I took home loan which has financed 44 lakh to builder. Flat was promised to be delivered by Dec 2016. Because of delay in possession I have raised a complaint in Maarashtra RERA. After that builder approached me and agreed to settle the matter outside MahaRERA. He agreed to refund Rs 75 lakh for executing the cancellation of deed. Out of Rs 75 lakh, Rs 41.80 went to home loan finance company for closure of home loan and release of original mortgage documents and rest amount of Rs 33.19 lakh has been given to me. I wanted to know under which income tax act/rule I have to file taxes - Income from other sources OR Capital Gain Tax (will it be Short term or long term). What could I do to save tax on this amount.
Jun. 08, 2018