05 January 2016
ONE MY CLIENT IS INDIVIDUAL,OWN 500 SQ.FT.LAND ISSUED TO BUILDER FOR DEVELOPMENT SCHEME OF 10 FLATS. NOTE IN DEVELOPMENT AGREEMENT 50% FLAT ISSUED TO OWNER, PLEASE GIVE FOLLOWING INFORMATION TO ME
1] MY CLIENT IS OWNER OF LAND ,WHICH TAX PAYABLE TO GOVT.AGAINST RECEIVED 5 FLATS OF RS-50,00,000/-
2] MY CLIENT SALE OF FLAT AT RS.60,00,000/- IN NEXT THREE MONTH
PLEASE SAY TO ME WHICH TAX LIABILITY OR CAPITAL GAIN PAYABLE PLEASE REPLY.
09 January 2016
For handing over 50% of the land to the builder, capital gains tax is payable as per section Sec. 50D of Income Tax, Act, 1961. In your clients case he is transferring 50% of land to builder i.e. 250 Square yards. Take the government value of 250 square yards on the date of GPA and consider Cost of acquisition for that 250 Sq. yards. The difference is capital gain either long term or short term.
In case of any sale of constructed flats, your client is receiving 5 flats means, each flat equals to 50 sq. yards. Take the government value of each flat on the date of sale and consider Cost of acquisition for 50 Sq. yards. The difference is capital gain either long term or short term.
Note: In case of long term capital asset, cost of acquisition has to be indexed.
14 January 2016
Sir, please note following points 1] My Client issued Land to Builder as per (GPA) process,When Sq.Ft Rate of Government Rs-5000 Per Total Rs.12,50,000.00 2] Received 5 Flats From Builder Sales in Next 6 Month Per Flat Rs.6,00,000.00 Total Flat Value of Sale Rs-30,00,000.00 How Decided Capital Gain /Loss & How Short Term or Long Term Capital Gain 3] How Many Rs.Payable to Government 4] in development agreement no mention any tax deposited to Government from builder of Land Holder 5 Flats please reply
14 January 2016
Please provide the below information: 1. Date of purchase of land; 2. Its cost of acquisition including stamp duty and registration fee; 3. Is it vacant land; 4. Any improvement? If there was an improvement, date and amount of improvement. 5. Date of GPA cum development agreement and date of handing over of the possession of the land; 6. Any other consideration received from the builder? 7. Whether the 5 flats sold? If sold its date of transfer and amount as per the sale deed.
14 January 2016
Sir, Please note following points 1] Land is Heritage 2] Registration Fees 265300/- 3]No Any Vacant Land 4] No Any Improvement 5]01/06/2014 (GPA Date) & And Hand Over to Builder in 4-5 Month 6]No any Consideration Received From Builder 7] 15/12/2015 & Sale Deed
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