capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 June 2011
a person has given his land to a construction company and inreturn he has taken 3 falts constructed in the land as consideration for the land.
how to calculate the capital gain tax?
year of taxation?
how to calculate the capital gain tax?
year of taxation?
08 June 2011
iNTHIS CASE CAPITAL GAIN WOULD ARISE ON TRANSFER OF LAND
CONSTRUCTION COST OF THREE FLATS WOULD BE THE SALE VALUE OF LAND
SALE VALUE SO DETERMINE MINUS INDEXED COST WILL BE CAP GAIN
In the case of DEVELOPMENT AGREEMENT both the parties enter into an AGREEMENT. The judicial opinion is that the property stands transferred on the day the AGREEMENT is entered into.
where an AGREEMENT results in the conferring upon the developer the rights of management, control and supervision in relation to the LAND being developed, then such AGREEMENT amounts to transfer of the LAND in favour of the developer.
SEE Chaturbhuj Dwarkadas Kapadia v. CIT (2003) 260 ITR 491 (Bom),
SO THE YEAR IN WHICH LAND WAS HANDED OVER TO DEVELOPER WOULD BE THE YEAR OF TAXTION
CA MANOJ GUPTA
JODHPUR
09828510543
CONSTRUCTION COST OF THREE FLATS WOULD BE THE SALE VALUE OF LAND
SALE VALUE SO DETERMINE MINUS INDEXED COST WILL BE CAP GAIN
In the case of DEVELOPMENT AGREEMENT both the parties enter into an AGREEMENT. The judicial opinion is that the property stands transferred on the day the AGREEMENT is entered into.
where an AGREEMENT results in the conferring upon the developer the rights of management, control and supervision in relation to the LAND being developed, then such AGREEMENT amounts to transfer of the LAND in favour of the developer.
SEE Chaturbhuj Dwarkadas Kapadia v. CIT (2003) 260 ITR 491 (Bom),
SO THE YEAR IN WHICH LAND WAS HANDED OVER TO DEVELOPER WOULD BE THE YEAR OF TAXTION
CA MANOJ GUPTA
JODHPUR
09828510543
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST Regis.
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
