An assessee had given his plot (purchased before 1981 Rs 5000/-) to a builder under irrevocable power of attorney under development agreement in 2007. The builder completed the building in 2014 and the assessee got 3 flats (total value Rs 6000000/-mentioned in agreement).
Now he wants to sell the flats. He has not shown any transactions in his returns because he did not receive any amount. The whole transaction was in kind.
As per my understanding there are 2 transactions
1) when the plot was given for development and he got 3 flats
2)When he sells the new flats
My question is that can we show the 1st transaction in 2014 (we can claim deduction U/s 54F)?
A tax consultant has advised him that The whole transaction will just 1 transaction (From Development agreement to sale of new flats)
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