Capital gains
This query is : Resolved
19 June 2015
In case of Joint developer agreement wherein the old building is demolished & new one is constructed,Can we take Sale consideration as the" FMV of the new flat/house + if any money value received as consideration".if it is so what will be the amount that can be claimed as exemption as we provide the rights to developer which is a part performance of the contract which falls into definition of transfer u/s.2(47).Should we take whatever sale consideration we receive as the exemption amount which will result in no capital gains?.Please provide a clarity on the same .Please site any case laws as well..
19 June 2015
The sale consideration is FMV of new flat/house + any money value received. You have to calculate the capital gain by applying indexation. If the capital gain is less than or equal to FMV of new flat/house then it is exempted.
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