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Agreement of land development
sir, one of my client was purchased a land in 1992, cost of acquisition of Rs 75000-00, Now in 2015 he did agreement with a builder for land development with 50: 50 ratio. the cost of land in agreement of Rs 12,00,000-00. Please advice the land lord is liable to pay capital gain tax or not, if pay how to calculate the capital gain. please advise me.
Replies (1)
i think in a joint development between land lord and builder there is no capital gains at the time of agreement but capital gain may arise once buildings are developed and sold to customers where sale consideration of flats will be reduced by proportionate cost of land
please wait for experts to reply on the same
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