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Capital gain - query

Tax queries 504 views 5 replies
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76 Points Posted on 27 August 2019

A building was constructed on open Plot under Joint Development Agreement in 2006. Both builder & landlord took 50% share of saleable area after recovering cost of construction.

Now, in 2019, the landlord has sold 1(one) flat for 60 lacs.

What will be the Cost of Acquisition for calculation of Long Term Capital Gains??
 

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On 27 August 2019 at 17:13 Report
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3924 Points Posted on 27 August 2019
what is the purchase year of the flat as per agreement ?.,sold in 2019
5 Reply
On 27 August 2019 at 17:21
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76 Points Posted on 27 August 2019
Flat was not purchased. Many Flats were received for his share as per the terms of Joint Development Agreement.
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On 27 August 2019 at 17:44
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17264 Points Posted on 27 August 2019
This will be considered business (builder line) and flats will fall under Inventory (Stock in trade) and it will be a profit Loss on sale of flats.
No capital gain question arises.
101 Reply
On 27 August 2019 at 19:22
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76 Points Posted on 27 August 2019
Sir, I am talking from point of view of landlord. Not from the point of view of builder.
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On 27 August 2019 at 19:24
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2 Points Posted on 04 January 2021
If na agriculture land sold he can invest in agriculture land
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On 04 January 2021 at 19:07


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