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capital hgains-treatment

This query is : Resolved 
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(Querist)
08 September 2008 A PERSON BY NAME LAL HAS AN BUNGALOW (HOUSE PROPERTY) FOR WHICH HE ENTERS INTO AN AGREEMENT (PROMOTER DEVLOPER AGREEMENT) WITH AN BUILDER TO CONSTRUCT FLATS .CONDITIONS ARE

VALUED ABOUT(RS.IN LAKHS)
1. TWO FLATS TO BE GIVEN TO LAL 100
2. TWO FLATS TO BE RETAINED BY PROMOTER 80
3. CASH TO LAL ON HANDING OVER PROPERTY 30

DATE OF HANDING OVER THE POSSESSION OF HOUSE PROPERTY
TO BUILDER : 25.3.2008

PROBABLE DATE OF COMPLETION: 1.6.2009

PLEASE ADIVSE ON TAXABILITY IN HANDS OF BUYER
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
22 September 2008 BUILDER IS DOING BUSINESS OF DEALING IN REAL ESTATE........THE QUESTION IS OF REVENUE RECOGNITION BY HIM.

I SUGGEST THAT HE SHOULD ACCUMULATE COST , RECOGNISE REVENUE ON DELIVERY BASIS , VALUE WIP EVERY YEAR.

THIS WAY HIS YEARY PROFITS WILL BE DETERMINED
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