27 January 2012
Land owner is entered with an agreement with builder for construction of multistory building in which cost of construction will be bear by builder. After completion of building the flats in building will be divided in the ratio of 50:50 by builder and land owner. The land is very old and cost is very minimal i.e 1 lac. If land owner sale 2 out of 3 of the flats e.g. 50 lacs and keep one flat for his use, what will be the tax applicable to him .
CAclubindia
