Taxability on exchange of assets

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mansi goyal (Querist)
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14 January 2014 Hi.. I have a query
If i want to construct 4 flats on a plot, and deal with contractor to transfer 1 flat to contractor on completion of construction of flat. Then what is the taxability of such transfer.
Whether it is taxable under capital gain head?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 January 2014 yes it is taxable under capital gains. the cost of the flat transferred to you shall form consideration for the sale of land..

However, there may be no actual tax liability as you can claim 54F deduction against the same flat!!

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