Capital Gain Tax
This query is : Resolved
02 January 2008
Hi,
A plot of land has 6 co-owners. They decide to build ownership flats on the plot. If the developement rights are transfered to a builder (who is one of the co-owners) what would be the Tax implication in the hands of co-owners as well as the builder.
Nazir
A plot of land has 6 co-owners. They decide to build ownership flats on the plot. If the developement rights are transfered to a builder (who is one of the co-owners) what would be the Tax implication in the hands of co-owners as well as the builder.
Nazir
prem pareek
(Expert)
02 January 2008
the all the co-owners will include their part of capital gains inthier income and will be taxable accordingly
CA. Vineet Grover
(Expert)
03 January 2008
Hi Nazir,
At present the balance sheets of the co-owners show cost of land.
Now as one of the co-owner has been provided with the development rights, there shall be no tax implication.
The cost of construciton shall be shared equally among co-owners.
Rgds/
Vineet
At present the balance sheets of the co-owners show cost of land.
Now as one of the co-owner has been provided with the development rights, there shall be no tax implication.
The cost of construciton shall be shared equally among co-owners.
Rgds/
Vineet
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