30 December 2015
A and B Two brothers possess a piece of land acquired from their father ,entered into an agreement with a builder to build an apartment on that plot of land.consideration being 43% of total flats to be allotted by the builder to the land owner,from the agreement date 11/08/12 over a period of 3.5 year,approximately the contract ends on April2016.in the meantime while the land owner agreed to take a sum of rs5.00 crore instead of flats.and this 5 crore Wil b paid to the land owner by the builder in this period of time commencing from august 2012- april 2016.
my query is in which year capital gain will be taxed in the hands of land owner and what exemptions/relief Wil b available to the land owner
03 January 2016
Please clarify the below: 1. Whether Rs. 5 crores payment in lieu of allotment of flats as per development agreement? 2. If not, against sale? 3. Possession of land delivered to the builder?
CAclubindia
