Capital gain on transfer of property to builder

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2013 Mr.A sold a plot of 10000 sq.ft(approx.) to a builder, builder in form of consideration agrees to give him 4 flats (each of 1000 sq.ft i.e.around 40% of property) plus sum cash. What will be his sale consideration? Will it be equal to market value of 4 flats plus cash portion?
Further, can assessee claim deduction u/s 54F as an investment in those 4 flats? if yes, then what will be the value of deduction?

Amol S Joglekar

Amol S Joglekar (Expert)
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05 February 2013 54 and 54F are tricky sections. Where 54 aims at PLURAL 54F does not aim at PLURAL. Care needs to be taken while submitting the working of capital gain. The sale consideration shall be the value used for registration purposes... sec 50C.

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