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Capital Gain on Flat Sale and other

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This query is : Resolved

Sopan Dattatray Pingale (Querist)

08 November 2022 Dear All,

Please solver my query

1.one my client developed our land in jointly as one builder as per agreement land lord (My Client) received 10 flat out of 30 flats against only use of land for building.

2.My client sales of all 10 flats @ rate of 3000.00 per SFT (Goverment rate 4000.00 per SFT)
as per our saleing price 20,00,000.00 and government price 23,00,000.00 as mentioned on index II ( amount received as per sales 20,00,000.00)

3.Stamp duty paid on 23,00,000.00

4.Please suggest me capital gain calculate on which amount 20,00,000.00 or 23,00,000.00

5.How to amount match in books of account as 20 lakh or 23lakh

6.if 23,00,000.00 how to adjust difference sales Rs.3,00,000.00 in the books of accounts. received only 20,00,000.00

Please reply

Regards,
Sopan

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

08 November 2022 4.. If the agreement was as JDA between builder & Land owner; in that case capital gain would be calculated on sell value of 23 lakhs.
5. No need to match it in books of accounts.
6. In books the figure will be 20 lakhs only; while in ITR CG will be calculated on 23 lakhs.

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