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Income tax

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08 October 2012 A LANDLORD ENTERED INTO DEVELOPMENT AGREEMENT WITH BUILDERS ON 6/3/2005 AND RECIEVED TOKEN AMOUNT THE LAND BEING SURPLUS LAND AND REQUIRE TO COMPLETE GOVT FORMALITIES TO START CONSTRUCTION WORK AND THEREFORE THE BUILDERS HAS GIVEN THE BALANCE AMT BY CHEQUE IN THE YEAR 2009 & 2010 AND ALSO CONSTRUCTED FLAT IN KIND IN THE YEAR 2012 THE FOLLOWINGS POINTS TO BE ANSWERED

1) IN WHICH YEAR LONGTERM CAPITAL GIAN ARISE WHETHER 2005 OR THE YEAR IN WHICH CONSIDERATION RECVD

2) WHETHER THE FLAT RECVD CAN BE CLAIMED U/S 154 BEING INVESTMENT IN RESIDENTIAL UNITS
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 October 2012 01. Under the developement agreement kind of cases, the "possession" plays a PIVOTAL role. 02. The exemption u/s 54 can very well be claimed subject to however the time conditions set in the same section.
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