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
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