Capital gain
This query is : Resolved
21 March 2013
I have small doubts in capital gain calculation.
Mr.X is a land owner purchased site in 22-09-2008 for Rs.10,00,000/- 476.67 sq yards. Given for development in 12-01-2010 (6 out of 18 flats). Each flat got 23.83 sq yards space.
Sold 1st flat on 24-01-2011 for Rs.8,60,000 and other 3 flats sold in September 2011 for Rs.27,10,000/-. Still two are unsold and remained with owner.
For this how can i calculate tax for Mr.X?
Mr.X is a land owner purchased site in 22-09-2008 for Rs.10,00,000/- 476.67 sq yards. Given for development in 12-01-2010 (6 out of 18 flats). Each flat got 23.83 sq yards space.
Sold 1st flat on 24-01-2011 for Rs.8,60,000 and other 3 flats sold in September 2011 for Rs.27,10,000/-. Still two are unsold and remained with owner.
For this how can i calculate tax for Mr.X?
CA. PIYUSH GOEL
(Expert)
21 March 2013
dear Vydehi...
in your case please analyse that whether it is beneficial to the assesee to go for capital gain or to convert the capital asset into stock and treat it as buisness income..
because method of calculation is far different in both the cases.
in your case please analyse that whether it is beneficial to the assesee to go for capital gain or to convert the capital asset into stock and treat it as buisness income..
because method of calculation is far different in both the cases.
Message likes :
1 times
21 March 2013
Thank You sir. But here the assessee is Wife of developer and there is no specific agreement between them .
CA. PIYUSH GOEL
(Expert)
29 March 2013
please clearify it.....
is the developer gifted his site after development to his wife,...
i have some doubt in it..??
please explain more....
is the developer gifted his site after development to his wife,...
i have some doubt in it..??
please explain more....
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