11 January 2010
One of our clients (Individual) has given his land for joint developer for construction of Residential apartments for the consideration of 40% flats. Land has come from his forefathers property. Now the apartments are almost ready and landlord started selling his share in the present financial year. Landlord has contributed nil for the construction except the land.We would like to know what is the cost of improvement / acquisition to be taken for the capital gain calculation to the landlord. Kindly quote any case if applicable... Thanks Seenu
CAclubindia
