Capital gains
This query is : Resolved
26 December 2011
I am having a Land and I have given it to builder for construction of residential flat with an agreement that i will get 5 flat out of total flat constructed. I will sell all the flat. what will be the Tax Implications.
26 December 2011
Dear Sachin.
Section 45 states any profit of gain arising from the transfer of capital asset effected in previous year shall be chargable to income tax
Section 2(47) states transfer means Sales exchange or relinquishment of asset
now refering to your case
techinally there are two transaction involved
1) when there is exchange of asset
2) when there is a sale of exchanged asset
Conculsion
both the transaction would be chargable to capital gain.
Section 45 states any profit of gain arising from the transfer of capital asset effected in previous year shall be chargable to income tax
Section 2(47) states transfer means Sales exchange or relinquishment of asset
now refering to your case
techinally there are two transaction involved
1) when there is exchange of asset
2) when there is a sale of exchanged asset
Conculsion
both the transaction would be chargable to capital gain.
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