Attraction capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2012 Please i have issue , just clarify, it is as follows

My uncle (land owner) has land of 6000 sft worth of Rs. 5 crores was given for Developement to outsider, where the developer has constructed one 7 Floors Apartment incurring a cost of Rs. 20 crores to build it and gave 50% share to land owners i.e 3000 Sft

1. Whether capital gains is attracted for land owners?

2.Wat will be the sale consideration and cost of acquisition

Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 January 2012 Yes, capital Gain is attracted in the case of land owners.

Original Cost of acquisition of the land is
cost of acquisition for the land owners.

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