A partnership firm (titled as owners) gave 4 of their different lands to a developer by entering into a Joint Venture agreement in year 2007. In the agreement the developer promised to the owners that on completion of the said project they (the owners) will receive around 40% area of the land as in form of Flats in the said project. In year 2021 a part of the project got completed (CC received) and the developer gave the owners 4 flats.
In the agreement of those flats between the developer & owner, it has no stamp-duty paid because the developer already collected stamp-duty from owners at the time entering into joint venture. Furthermore in the agreement of those flats, there no amount of sale consideration has mentioned due the reason above.Now out of 4 flats the owner sold a flat @ 87 lacs in yeay 2021.
My question is that, the owners received flats against their land, then how to calculate the capital gain?
CAclubindia
