25 November 2011
My client is an 65 year old women assessee. She bought a 200 sq.yds plot of land 20 years back. Now she has given that land for development to a reputed developer/builder in that area. Builder will give her 3 flats as her share out of the total flats constructed. Please advise me how is the transaction taxable both in terms of long term and short term capital gain if she 1) Retains the flats and gift them to her children or 2) Sell the flats as soon as the builder hand over.
26 November 2011
if she will gift flats to her childrens then it vl b taxable in the hands of her childrens as a long term capital gain. period of holding from the old women when she purchase. inxeding the cost of acquisition and cost of constraction
CAclubindia
