06 August 2024
Mr. X is Land Lord, individual and having Land 1000 Sq Yrds
Mx. Y is Builder
They entered in to JDA (ratio 60:40) Total 10 flats (6 flats for Land Lord and 4 flats for Builder)
Capital Gain Tax Calculation (after completion Certificate) FCV 6 Flats * 10 lakhs (SDV value) =60,00,000 Land (40% )Acquisition 3,90,000*348/100=13,57,200 Long term Capital Gain= 46,42,800
Here my doubts: here Stamp Duty Value means flat construction cost and land (undivided Share) cost Can we reduce land cost from this SDV Value to take FCV value because here in my opinion construction value is only out consideration. 60% land was hold with us as undivided share.
CAclubindia
