Capital gain

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AMIT AGRAWAL (Querist)
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07 February 2013 I OWNED A PLOT WHICH IS PURCHASED BY ME DURING THE YEAR 2007-08. FOR RS 500000/- NOW I WANT TO TRANSFER THIS PLOT IN TO PRIVATE LIMITED COMAPNY DURING 12.13 FOR RS 1000000/-IN WHICH I AM DIRECTOR. AFTER TRANSFERING PLOT IN TO COMPANY, COMPANY CONSTRCTS A MULTY STORY BUILDING. WHAT AM I DO, WHAT IS THE TAX LIABITITY BORN BY ME AND WHAT IS THE STATUS OF PLOT IN THE COMPANY.
AND WHAT IS THE AMOUNT ON WHICH I WILL PAY CAPITAL GAIN AND WHAT IS THE PROCEEDURE TO TRANSFER IT IN TO COMPANY WHETER I WILL WRITE A AFFIDEVIT OR OTHERWISE, PLEASE ANSWR

Soumitra Basu

Soumitra Basu (Expert)
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10 February 2013 YOU HAVE TO TRANSFER THE LAND TO THE COMPANY BY EXECUTING CONVEYANCE DEED TO BE REGISTERED BEFORE REGISTERING AUTHORITY.
ON THE BALANCE 50 LACS YOU HAVE TO PAY CAPITAL GAIN TAX. YOU MAY CLAIM FOR INDEXATION. YOU MAY SAVE THE TAX BY INVESTING IN RESIDENTIAL PROPERTY OR STATUTORY INVESTMENTS.