( Author )
21 March 2012
CASE STUDY: 1
Mr X a farmer having land was acquired by municipal Corporation (Compulsory acquisition). Consideration received is 100000 sq ft /TDR (floating FSI) which was received in 2005 where rate of TDR was Rs 120/-per sq ft.
On 15 may 2011 Mr. X died. (Rate of TDS Rs 620/- Per sq ft). The Floating TDR was Transferred to Son1 And son 2 equally which was converted into stock in trade on 15th may 2011.
On 31st, dec 2011 son 1 sold 20000sqft of FSI TDR for Rs700 per sqft.
Son 2 sold 30000sq ft of TDR at rs.1100/- per sq ft.
Calculate taxability under the head capital gains (stcg/ltcg). Business income assuming income of S1 Rs.0/- & income of S2 Rs.1 lakh of A.Y 2012-13. i only want to know income from capital gain in above case.