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Sale of flat

amit c ( Sr. Accountant) (120 Points)

23 March 2017

Mr A given his land to a promoter for building residential flats . two flats given to mr A .Mr A uses one flat for residential purpose and sold the another one. what are tax consequenses right from giving land to sale of flat ?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160551 Points)
Replied 23 March 2017

As per Finance bill 2017, the cost of both the flats as per guidance value as on date of receipt of completed flat is considered to arrive at capital gains of the land given for development. Difference of the sale value and the said guidance value of the flat sold is considered for arriving capital gain over the flat.