i want clarification regarding capital gains in case of land devolopment
actually i purchased a land on 1985 on which i constructed an house on 1997.now builders were came and ask land to land devolopment with an agreement that consideration for that land is in the form of flats after constructionb of apartment.for the purposes of giving land for land devolopment demolished my house and give that land for land devolopment.now my doubt is whether the cost of construction of my house(house which is there before demolition)should be include in cost of aquisition and demolition charges will be deduct from consideration.if not what is the provision regarding to recover the cost of construction of house.
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land devolopment case
Replies (1)
As land was given to developer for development, cost of house will not be considered.
You should have given house property for development, by registered agreement.
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