Capital gain tax implication on exchange of land for a flat in india

I am an OCI holder and a US Citizen. I bought a house in India on 2007 for 25 lacks. After tenants refused to leave the premises without major compensation, I made an agreement with a property developer on 2010 who will take care of all the tenants and demolish the existing house, build a new flat building, and will give me a flat in that building. He completed a project and I got the possession letter from the developer in 2014. I have also completed the flat mutation with  Kolkata Corporation in the same year. Landowners do not have to go through the registration process for their flat in exchange of their land.  For property tax purpose Kolkata corporation made my flat valuation as 52 lack. I have been paying property Tax on that basis. 

My First question is - as the landlord I got a flat in exchange for my house. Is there any Capital Gains tax implications here? 

My Second Question is - If I sell my flat for 60 lack today, what will be the Capital Gain Tax or any other mandatory Tax, Service fees etc. that I will be responsible for as a Seller? 

Thanks a lot. 

Replies (4)

1. Yes........ capital gains over land to be calculated.

2. LTCG over sale of flat...

Capital Gain tax will be charged. I am a Tax Consultant (residing in Kolkata), in case of any query you can call me at 8100908926.

Thanks for the response. If I know your email, I can send you the complete scenario via email and then call you. What I came to know, the landlords do not pay any Capital Gain Tax when promoters take their homes in exchange for a New Flat. 

My mail id siddhartha.kundu @ outlook.com.

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