Capital gains tax calculations

Tax queries 122 views 3 replies

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

Replies (3)

1. No. (assuming the owner is to received constructed portion of the building)

2. Capital gains to be calculated in previous year, when completion certificate of the project been received.

Thank you Mr. Rambhia. Appreciate your quick response.

Thanks and Regards,

Sam Sue

 

Dhirajlal sir is always quickyes


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