Capital gain tax & income tax - joint development of land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 March 2018 Hello
I am akshay need some help.
bought land in 2002 for 12 lacs rs
given for joint development on 50:50 ratio without any deposit in December 2013.
did not sell any unit yet.
we are in process to get completion certificate. will start selling in April 2018
what will be my liability for income tax and capital gain tax.
how do i calculate ?
Do i have to pay advance tax as well ? if i pay at end what is interest rate for this
thank you in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 March 2018 1 20% capital gains tax payable on sale of units after deducting indexed cost of proportional land.
2 Advance tax payable. 12% interest payable if not paid.