Capital gains tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2012 my wife owns a plot admeasuring 274.66 sq yards in hyderabad. She intends to give the plot for development. the developer agreed to
give 3500 sq ft area of flats as consideration.she intends to retain the flats.Since she does not sell the flats, my query is whether she is liable to pay any capital gain tax on the above transaction.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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04 October 2012 Yes, She should be pay capital gain tax. Consideration may be in any form. she loosing one flat instead of getting another flat i.e selling of such flat and purchasing of another plat from the same parson i.e seller and buyer is the same. So market value of the new flat i.e 35oo sq ft area flat will consider as sale consideration as on the date of sale or agreement.

OM SAI SRI SAI JAI JAI SAI

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