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Capital Gains

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(Querist)
20 March 2008 Sir
A Property (Old House) given for Development to a builder with 60% to builder and 40 % to Land owner. The builder constructs 20 flats and 8 Flats were given to Land owner (4 Family members)and there is no monetary terms between the parties. What is the Capital Gain that to be paid by the Family members . Is there any exemptions.
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kartik_somu

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kartik_somu (Expert)
20 March 2008 Though no amount is received from the builder, the market value of 8 flats will be taken as consideration.


There are many case laws in this regard.
I will find out some and post it.
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