Income tax
This query is : Resolved
22 January 2016
I HAVE PURCHASED LAND IN 2006 WHICH IS GIVEN FOR DEVELOPMENT TO BUILDER IN 2011 THE BUILDER HAS PAID DEPOSIT AMT WHICH IS REFUNDABLE AND ALSO AREA DULY CONSTRUCTED RESIDENTIAL FLAT.
IN THE YEAR 2013 PART OF THE AREA ARE SURRENDERD TO BUILDER & BUILDER HAS PAID AMT ON WHICH CAPITAL GAIN ARE PAID AFTER INDEXTION COST OF 2006 REMAINING AREA FOR WHICH FLAT IS RECIEVABLE IN 2016.
WHETHER I AM CORRECT FOR THE CAPITAL GAIN WORKING IN 2013 AND FILING OF I.TAX RETURN ACCORDINGLY
IN THE YEAR 2013 PART OF THE AREA ARE SURRENDERD TO BUILDER & BUILDER HAS PAID AMT ON WHICH CAPITAL GAIN ARE PAID AFTER INDEXTION COST OF 2006 REMAINING AREA FOR WHICH FLAT IS RECIEVABLE IN 2016.
WHETHER I AM CORRECT FOR THE CAPITAL GAIN WORKING IN 2013 AND FILING OF I.TAX RETURN ACCORDINGLY
22 January 2016
you are correct, if you entered development agreement and handed over possession in the 2013 and in 2011 advance was taken by entering a Memorandum of understanding (MOU) only and no possession was handed over in that year.
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