Capital gain for a builder
This query is : Resolved
23 December 2015
Is capital gain tax applicable for developer when the flats are sold, in case of JDA where land is transferred by owner in exchange for a share in the final constructed flats?
23 December 2015
For builder the sale of flats is a business income.
23 December 2015
can all the expenses (Expenses related to flats given to owner in exchange of land also) be deducted against the income?
23 December 2015
and what if the owner transfers the land and builder treats it as capital asset?
23 December 2015
Yes those expenses for flat exchanged for land will be deducted as expense.
Land will be current asset for builder.
Land will be current asset for builder.
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