22 September 2009
One of my claint has purchased a site during the F.Y 2002-03 for Rs.4000.The above said site was given for development.Againt this development my claint has received 4 Flats as consideration.All the four flats was registered in my claints name for Rs.40 lakshs.But my claint has not received any money from the builder.In my openion even though he is not received any cash he should pay the capital gain tax on 3 flats and remaing one flat for self occupied purpose.Is it correct or not kindly clarify.
CAclubindia
