Capital gain

This query is : Resolved

vydehi (Querist)
Follow

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?

CA. PIYUSH GOEL

CA. PIYUSH GOEL (Expert)
Follow

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.

Message likes : 1 times

vydehi

vydehi (Querist)
Follow

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

CA. PIYUSH GOEL (Expert)
Follow

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....

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now