Section 50c
This query is : Resolved
30 June 2015
An individual Mr. X is a owner of land and 3 years ago he has entered into a joint development agreement with developer which is a Private Limited Company. The developer had agreed to construct a residential complex and it will transfer certain no. of flats to Mr. X in consideration of the land. On final completion of project developer transferred 40 flats to Mr. X and all the flats were sold by Mr. X.
In this regard I want to know since Mr. X transferred a vacant land to developer therefore Section 50C will be applicable to on account of land or else on flats.
In this regard I want to know since Mr. X transferred a vacant land to developer therefore Section 50C will be applicable to on account of land or else on flats.
30 June 2015
50C will be applicable on sale of undivided portion of the land to flat owners.
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