Dear Forum Members:
Some background with reference to my query:
Father gifted land in Bangalore to daughter on Oct-05-2015.
Daughter entered into a Joint Development project with builder in July 2017. Builder gave daughter Rs. X as non-refundable (good will) amount.
The builder is still working on this joint develoment project as on Aug-31-18.
Daughter is an income tax assesse.
Can you pleae let me know how:
1. Should daughter declare the income of Rs. X she received from builder as good will amount in the FY 2017-18 (AY 2018-19)?
2. If Yes to No. 1 above, how is the Capital Gains tax calculated"
Would appreciate your response please at the earliest.
Thanks and Regards,
Sam Sue
CAclubindia
