TAXATION OF CAPITAL RECEIPT

mukesh sethi

professional

21 Points Posted on 16 December 2010

I OWN A LAND AND I MADE AN AGREEMENT WITH LAND DEVELOPER FOR PLOTTING THE LAND AFTER PLOTING THE LAND DEVELOPER GIVE ME 5 DEVELOPED PLOT IN DIFFRENT SIZE AND ALSO RS.400000 FOR COMMAN LAND WHICH WAS USED BY LAND DEVELOPER EITHR THE RECEIPT OF RS. 400000 IS TAXABLE IN MY HAND AS CAPITAL GAIN OR I REDUCE COST OF AQUISITION PLZ SUGGEST ME AS PER INCOME TAX LAW THERE IS ANY RULING FOR THAT

MUKESH SETHI

Replies (1)

U S Sharma

glidor@gmail.com

21670 Points Posted on 18 December 2010

scenerio 1. 5 developed plots are part of main land, so you have to book capital gains on remaining poppotionate main land.
scenerio 2. book capital gains of whole the main land and then aquire 5 developed lands out of the proceeds of mainland valuation, as there must be agreement with values of mainland and 5 developed lands simaltenously.
Treatment of proceeds will attract sec 54

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TAXATION OF CAPITAL RECEIPT

mukesh sethi

U S Sharma

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TAXATION OF CAPITAL RECEIPT

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