capital gain on Development of Agreement of land

This query is : Resolved

sham (Querist)
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11 July 2011 kindly following are the details
Land purchased on 15/10/2008 for Rs. 1240000/- ( Stamp duty value Rs. 20,42,000/-)
Development agreement with builder done on 24/02/2011,against the development agreement builder is agreed to give 2 flats.
No consideration / value of the land or flat was mentioned in the agreement.
However the Development agreement Registered and market value for the same was considered by Registering authority Rs. 32,00,000/-
my query is whether the Short term capital gain will attract in the year 2010-2011, or whether the same will be applicable in the year of completion of flat? and on what amount ?
pls. clarify on the same please.

U S Sharma

U S Sharma (Expert)
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11 July 2011 as the new property is not in existance, let the property come in existance and get it transferred to assessee, it would get registered by virtue of registration instrument, then decide of actual LTCG/STCG

right now the cost of land is equal to two flats value to be completed in future, so the cost of land is taken as 32 lacs for LTCG calculation in the year of agreement.