Capital gain calculation ?
This query is : Resolved
03 June 2012
Hello everyone,
on of my client has purchased plot in f.y. 11-12 at Rs.8,00,000.
he has entered into a joint venture with a builder to develop that land and make residential complexes. share being 40:60.
builder has made payment of non refundable deposit to my client of Rs.20,00,000.
how to compute the capital gain ?
on of my client has purchased plot in f.y. 11-12 at Rs.8,00,000.
he has entered into a joint venture with a builder to develop that land and make residential complexes. share being 40:60.
builder has made payment of non refundable deposit to my client of Rs.20,00,000.
how to compute the capital gain ?
03 June 2012
Can Non Refundable Deposit be treated and termed as Sales Consideration of the land?
If yes, calculate STCG on that basis.
.
Whether sharing is only in the Development Activity ? Please define the status as a firm or an AOP.
.
Treat the profits from Development Activity as Business Income.
.
If yes, calculate STCG on that basis.
.
Whether sharing is only in the Development Activity ? Please define the status as a firm or an AOP.
.
Treat the profits from Development Activity as Business Income.
.
03 June 2012
agreed with Mr. Bafna , you can also consider 20lacs + 40% of project as sales consideration for the plot
03 June 2012
I think it is a joint venture business. The non refundable deposit should also be treated as income from business.
04 June 2012
THANK U VERY MUCH FOR UR REPLY. Mentioned below is the brief facts.
my client is an individual and he has entered into jv with another individual(builder). builder alone will develop the property and construct the building and my client will get 40% of the flat in the building.
construction will complete after 2 years. how to compute capital gain on rs.20 lacs received as non refundable deposit from the builder ?
when he is liable to pay the capital gain tax on rs.20 lacs and when he will get 40% of flats ?
my client is an individual and he has entered into jv with another individual(builder). builder alone will develop the property and construct the building and my client will get 40% of the flat in the building.
construction will complete after 2 years. how to compute capital gain on rs.20 lacs received as non refundable deposit from the builder ?
when he is liable to pay the capital gain tax on rs.20 lacs and when he will get 40% of flats ?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
