Tax implications on sale of under construction flats when flats are under joint development agreement

Hi Experts, We have 1 acre land in Bangalore in my father name and same as given to XYZ Company for JDA ( Joint Development agreement) to construct the flats in 2012. Now XYZ Company completed 70% of works. Company said they will give 14 flats as your share so i decided to sale one flat at 30 lakhs which is under constructions. So what is the income tax implication on the sale of flat. Please help anyone on this regard Thanks & Regards Vishwanath reddy K Read more at: /