Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2016 Sir, My client has entered into Joint Development Agreement with a Land Developer. the total land under development is 26 Acres. Of which my client's share is 16 acres. I have arrived the calculation as below, is it correct PARTICULARS B YADI REDDY TOTAL TOTAL LAND IN Ac 16.01 Total 26.03 In Sq Yards 77561 Total 126203 Sale Consideration :( Stamp Duty Value) 7,35,26,326 Total 11,96,38,000 Plotes Shared ( Owner) 22706 Total 39756 Land Development in Sq. Yards+Developer 54855 Total 86447 Less : Developed Share 18779 Total 32880 Land Roads, etc development in Sq. Yards 36076 Total 53567 Cost of Land 1,24,501 Cost of Improvement ( Roads Share) 8,05,73,384 ( 36076 / 53567)*11,96,38,000 Total cost of Transfer 8,06,97,885 Capital Gain -71,71,559 Is the basis of calculations correct. Pl Advice. The agreement is only for plotting. No Construction activity.