MY QUESTION REGARDING CAPITAL GAIN TAX ON LAND DEVELOPMENT AGREEMENT WAS, WHAT IS THE POINT OF TAXATION FOR THE LAND OWNER, HE WAS OFFERED 6 FLATS FROM THE DEVELOPER AS THE CONSIDERATION. THE LAND VALUE WAS 1.43 CRORE,
MY SECOND QUESTION WAS, WHAT IS THE VALUE TO BE TAKEN FOR THE 6 FLATS IN COMPUTING THE CAPITAL GAIN TAX.
LASTLY SHOULD HE PAY TAX ON SALE OF THE 6 FLATS TO OTHERS
THANKS IN ADVANCE
The capital gain araises only in the year of certificate of completion is received. The stamp duty value can be taken as consideration. Yes he need to pay the taxes on sale of flats too
Krea University
Chennai
CA
View Details
M N Rao & Associates LLP
Vijayawada
CA Inter
View Details
N N V Satish & Co.,
Hyderabad
CA Inter
View Details
CCI
Pro
CAclubindia
