Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 July 2015 I purchased a Land & Given to builder for Development. On that behalf Builder give Flat in the Developed Property.
now the problem is ITO is said that it is Capital gain & i have to pay tax on the same.

Can you just tell me the way correct treatment ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 July 2015 When you sold part of the land to flat owners. If it is sold after 3 years from the date of purchase of land then you can claim exemption from capital gains tax u/s 54 for the flat you received.

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