Long Term Capital Gain on appreciation of Value of Property
This query is : Resolved
11 April 2024
I had old Bunglow which was given to a Developer for development for no money consideration. The term was that the Builder should give me 45% of the Developed property for my own use both residential and commercial. What is the Tax liability under LTCG?
The old property was purchased in 1978 and development Agreement is in Jan 2018.
The old property was purchased in 1978 and development Agreement is in Jan 2018.
12 April 2024
The gains you make by receiving developed property in exchange of land is known as capital gains. As per the provisions of Section 45(5A), you will have to pay tax on these capital gains in the year in which the certificate of completion is issued for the whole or part of the property.
12 April 2024
As the Developed property received from the Developer is unable to sale due to certain authorities have issued notices about illegality of the Developed property hence it is lying as it is. Kindly advice, Thnx & Regards
12 April 2024
Check completion certificate issued or not.
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