27 May 2013
One my client had entered into development aggrement with buildler to Construct Appartment on his land which was purchased in 2001 for Rs10,00,000. After completion of appartment, out of 8 flats 4 are allotted to my client i.e. land owner. Now he want to sell one of the flat for Rs.35,00,000. What should be tax treatment.Urgent Plz suggest.
27 May 2013
it is practically very sound question. read the entire aggrement while entered by the owner and developer can provide you vital information.
CAclubindia
