Taxation on real estate transaction

This query is : Resolved

Raghava (Querist)
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12 August 2011 sir
a developement was entered between a land lord and a Real estate developer in the year 2008 the details are as under

1. Land measurement: 800 yards
2. Land acquisition (1990) 100000/-
3. total number of appartments 18
4. share of land ownwer 7

selling price of each apt 12,00,000

sale of plots of 7 in the year 2009-10 (3),2010-11(3), balance pending with the land owner 1
can you please enlighten us the taxation aspect both in the case of land owner and real estate developer

U S Sharma

U S Sharma (Expert)
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12 August 2011 read the agreement carefully between the landlord and builder, value of land is determined before develpment.

LTCG applied on the date of transfer of land to developer

7 units transfererd to landlord must have been registered to landlord by developer under concessional rate, STCG will appear on the registration cost and sale value diff

remaining 1 unit will be in hand as per registration done by developer to landlord.