Capital Gain
This query is : Resolved
07 March 2009
Assessee sold land for a consideration.
in addition to consideration buyer agreed to give 2000 sq ft space to seller, in constructed building, in concessional price.
Is price above concession rate is taxable as capital gain? is any case law to support it?
in addition to consideration buyer agreed to give 2000 sq ft space to seller, in constructed building, in concessional price.
Is price above concession rate is taxable as capital gain? is any case law to support it?
08 March 2009
Yes, if it is for academic interest
09 March 2009
Sorry sir, i didn't get you, can you just elaborate it?
14 March 2009
Consideration can be in cash or kind or in any other form. It depends on terms agreed to between Parties.
I feel, Sale Consideration in the instant case will be aggregate of the following:
(1) Consideration paid by Buyer
(2) Normal Price for which Apartment admeasuring 2000 sft is sold by Buyer (of Land)to others (as per Sale Deeds) LESS Concessional Price charged by Buyer (of Land) to Seller (of Land)
I feel, Sale Consideration in the instant case will be aggregate of the following:
(1) Consideration paid by Buyer
(2) Normal Price for which Apartment admeasuring 2000 sft is sold by Buyer (of Land)to others (as per Sale Deeds) LESS Concessional Price charged by Buyer (of Land) to Seller (of Land)
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