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Caputal gain or pgbp

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(Querist)
08 January 2016 I m in joint venture with builder and developing my ancesteral land in 60:40 ratio. mine is 60. area is one acre . in this case how to calculate capital gain tax and profit from sale of flat. plz suggest.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 January 2016 Incidence of capital gain
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Transfer takes place when the land owner enters into a development agreement with the developer. Market value of the land will be taken as consideration.

Business Income
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Profit derived from the development activity. Arising on sale of land & construction or on the basis of accounting method followed.
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