Capital gain on sale of land development rights
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2012
My Clint has acquire land development rights from one co. op. society for Rs1,34,00,000. He has sold this rights for Rs. 6,50,00,000 to a firm. Whether this case is applicable to capital gain.
19 September 2012
Yes. The right associated with immovable property is also regarded as CAPITAL ASSET. (In this case as immovable property) Accordingly you can claim the exemptions, if any.
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