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Taxation on real estate transaction

This query is : Resolved 
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(Querist)
12 August 2011 sir
a developement was entered between a land lord and a Real estate developer in the year 2008 the details are as under

1. Land measurement: 800 yards
2. Land acquisition (1990) 100000/-
3. total number of appartments 18
4. share of land ownwer 7

selling price of each apt 12,00,000

sale of plots of 7 in the year 2009-10 (3),2010-11(3), balance pending with the land owner 1
can you please enlighten us the taxation aspect both in the case of land owner and real estate developer
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U S Sharma

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U S Sharma (Expert)
12 August 2011 read the agreement carefully between the landlord and builder, value of land is determined before develpment.

LTCG applied on the date of transfer of land to developer

7 units transfererd to landlord must have been registered to landlord by developer under concessional rate, STCG will appear on the registration cost and sale value diff

remaining 1 unit will be in hand as per registration done by developer to landlord.
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