Capital gains

This query is : Resolved

jamana (Querist)
Follow

02 January 2016 Hello sir/madam,
I have a land 60% of which is given for Developer for construction of Flats and consideration for which i got 10 out of 20 Flats.
My query is what is the amount of cost of consideration for capital gain?
1) Cost or
2) Market value of Flats ? or
3) Cost of Construction of Flats ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

03 January 2016 The Bangalore tribunal have decided in a case of Dec 2014 that consideration would be Cost of construction of flats ( Income Tax Officer Versus Sri. NS. Nagaraj, Kodandarama Nilaya). In another case Charnjit Singh Atwal, Chandigarh Tribunal has decided a similar case on the basis of Market value of flats.
.
Now it is upto you to decide which decision to be followed.

Message likes : 1 times