i want to know, my one friend has the 99 year lease land and now they are giving to builder. what will be the tax applicable for the same. and how can we save the tax.
17 July 2008
transfer of contracts, entitiling a person to conveyance of a property, are chargeable under capital gain. so, if ur friend is transfering his right over that land to builder, this transfer shud also be taxable.
CAclubindia
