Dear Members,
Let me present the situation Mr. X owns a land on which he has constructed a building in which he conducted his business. Mr. X has entered into a Land Development agreement with some construction company to construct apartments in the place by demolishing the old building. In return he gets half of the flats to be constructed and some Amount also. for Ex. Rs.500000
Mr. X Expenses Rs. 225000 for documentation & other expenses related to new building.
Mr. X don't know value of this land because this property is inheritance.
Now the question is whether the amount received is taxable or not,
if amount is taxable how to calculated capital gains
CAclubindia
