Develpoment agreement ...taxation...
This query is : Resolved
14 February 2014
an assessee has entered into development agreement on 16.3.2013.consideration is to give four flats to the seller of plot (ie. asessee) within 18 months of agreement.
whether capital gain applicable and how to determine it
whether capital gain applicable and how to determine it
14 February 2014
depends on when the land is handed over to the developer. the capital gains will trigger on handing over the possession.
so it is a subjective matter...joint reading of the agreement and the facts of the case decide the trigger.
please refer https://bcasonline.org/articles/artin.asp?369
so it is a subjective matter...joint reading of the agreement and the facts of the case decide the trigger.
please refer https://bcasonline.org/articles/artin.asp?369
Message likes :
1 times
15 February 2014
POSSESSION IS IMMEDIATE...consideration is 4 flats valued as 48 lakhs
15 February 2014
then it shall be taxable in the current year itself.
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