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capital gain

This query is : Resolved 
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(Querist)
18 August 2010 A person sold two floors of his three floor house to a builder and the builder demolish the house and rebuild all floors with new look and charged nothing for construction.
Whether construction cost is part of the sale consideration?
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CA SMR

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CA SMR (Expert)
19 August 2010 (i) if the amount of the capital gain is greater than the, cost of the residential house so purchased or constructed , the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; or

(ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45;
The construction cost should be the cost of the new assets.Keeping this open for further opinion.
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KRISHNA KUMAR R C

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KRISHNA KUMAR R C (Expert)
21 August 2010 Cost of Construction pertaining to the floor of the person is part of the sale consideration.
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