Capital Gain Tax

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Nazir (Querist)
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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

prem pareek

prem pareek (Expert)
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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

CA. Vineet Grover (Expert)
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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

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