Dear Sir/Madam,
1. Mr. ABC held a parental Land existence from 01.01.1970.
2. Mr. ABC having five sons, five daughter & one super senior citizen wife as on date
01.01.2012.
3. On 01.02.2012 Mr. ABC had died.
4. On 01.06.2012 all five sons and wife of ABC entered into an agreement with a developer
for construction of flats on Parental Land.
5. Summary of agreement
(a) After the flats has complete & sale deed come into existence from actual user of flat ,in
each registry developer separately charge construction Value in own favor & Value of
land in favor of ABC & Sons.
6. Actual Land measurable area as on 01.04.1981 is 21007.42 sq. ft. cost Rs. 586000.
7. Actual construction of flats & Shops are as under
3 BHK 32 Flats. @ 950 sq ft. Each
2 BHK 16 Flats. @ 800 sq ft. Each
19 Shops @ average 208.73 Sq. Ft. Each
8. Actual Sales during the Fin. year (01/04/13 to 31/03/2014)
10 shops @ 1917.22 sq. ft.
Total sales consideration for 10 Shops against Land Rs. 3032140/- (as per sale deed)
Total Sales consideration for 10 Shops against construction Rs.- 3519760/- (as per sale deed).
Query No. 1
Whether capital gain arises on agreement with developer ?
Query No .2
How To Settle Sister portion which she got in inheritance (i.e. death of father) ?
Query No. 3
How to calculate cost of acquisition of Land ?
Kindly give me your suggestion on above mentioned query.It Is very helpful to me if all answers are supported along with relevant sections & relevant latest case laws.
AMIT SRIVASTAVA
CA FINAL STUDENT
EMAIL- INDIA.JMJ @ GMAIL.COM
9897360130
CAclubindia
