Capital gain

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P K Agrawal (Querist)
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01 January 2016 two brothers jointly holding a piece of land entered into an agreement with Mr x builder for building an apartment. the sharing is 43% to land owner and 57% to builder. the agreement commencing from 12.08.2012 to be completed by 30.04.2016. and in the meantime they mutually agreed to take 2.00 crore by builder in place of their 43% shares from builder. And this amount will be payable in three financial year 2013, 2014, 2015, 2016 in odd installment. now my query is which financial year Will be treated as capital gain and any relief, exemptions can be claimed by the land owner.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 January 2016 Capital Gains is leviable in respect of the FY 2012-13 .
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The date of transfer is 12-08-2012.
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The consideration can be known only after knowing the relevant terms and conditions of the agreement.
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P K Agrawal

P K Agrawal (Querist)
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02 January 2016 can capital gains can be taken in the final completion year 2016-17, because the land owner has not sold the land , but has permitted them to build and share in 43 and 57 percent.

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