Capital gain on construction of own house by builder
This query is : Resolved
31 July 2019
sir,
I have a land whose stamp duty value is worth Rs. 50,00,000 and i have documents which agrees with builder to construct 6 house on that land and to hand me over 4 house and 2 will be sold by the constructor. Now should i account for capital gains or other sources? Since no cash payment is involved in this transaction i cannot opt under 54F nor there is amount to transfer to Capital Gain Savings Account Scheme.
What is the treatment for this transaction?
I have a land whose stamp duty value is worth Rs. 50,00,000 and i have documents which agrees with builder to construct 6 house on that land and to hand me over 4 house and 2 will be sold by the constructor. Now should i account for capital gains or other sources? Since no cash payment is involved in this transaction i cannot opt under 54F nor there is amount to transfer to Capital Gain Savings Account Scheme.
What is the treatment for this transaction?
05 August 2019
Income in this case should be calculated under provisions of capital gains. However much depends on the actual facts of the case. You can send me details at; cabrijesh@yahoo.co.in
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
