Wealth tax
This query is : Resolved
10 March 2014
Suppose i have a land and i want to give it to a builder for construction, in such a case builder will give me 5 Flats & 4 parking space so please advice me here the impact of Income Tax & Wealth Tax upon me.
Awaiting for the early & favourable response.
Thanks in advance
Awaiting for the early & favourable response.
Thanks in advance
10 March 2014
for wealth tax uyes 4 houses will be taxable and only 1 allowed as exempted as used for sop.
for income tax tell whether ur transfering land in name of constructer...
for income tax tell whether ur transfering land in name of constructer...
10 March 2014
K THANKS
TELL ME THE IMPACT IN INCOME TAX IN BOTH THE CASES WHETHER TRANSFERRED LAND IN THE NAME OF BUILDER OR NOT
TELL ME THE IMPACT IN INCOME TAX IN BOTH THE CASES WHETHER TRANSFERRED LAND IN THE NAME OF BUILDER OR NOT
10 March 2014
if land is transfered then capital gain arises to you.
in other case only when u sell the flats then only capital gain is applicable...
in other case only when u sell the flats then only capital gain is applicable...
10 March 2014
but here in the case there is no monetary transaction taken place, i m giving my land and in contrary to that i m getting the flats so how does capital gain will arise??
10 March 2014
yes in this case there is relinquishment of ur rights and u getting flats in consideration so asper sec 48 there is transfer and is chargeable to capital gain tax.
10 March 2014
ohk fine...
then please tell me how i will calculate my capital gain??
what will be my sale consideration & cost of acquisition??
then please tell me how i will calculate my capital gain??
what will be my sale consideration & cost of acquisition??
11 March 2014
sec 50C shall be applicable and cost shall be actual cost and need to be indexed.
11 March 2014
actually it was an ancestral property so no value of consideration is available.
What will be the sale consideration then??
is it the market value of all 5 flats?
What will be the sale consideration then??
is it the market value of all 5 flats?
11 March 2014
yes in that case u need to check the valuation adopted by stamp valuation authority for the purpose of stamp duty payment...as per sec 50C
12 March 2014
the land is not transferred to builder so no capital gain arises i understood that but i got a cheque amounting Rs. 5 Lac. from builder so how do i deal with that money (Is that money be taxable??)
If yes then under which head??
one more query related to that:
suppose in future when i sell any flat among those at that point of time how i will calculate capital gain?
what will be my cost of acquisition?.
If yes then under which head??
one more query related to that:
suppose in future when i sell any flat among those at that point of time how i will calculate capital gain?
what will be my cost of acquisition?.
12 March 2014
5 lakh is rec for what purpose?
as i said above u need to cal capital gain when u sell or trnasfer land.
as i said above u need to cal capital gain when u sell or trnasfer land.
12 March 2014
i have received 5 flat 4 parking space and 5lac cash as consideration in respect of land given to builder for construction but the same is not transferred in the name of builder.
12 March 2014
5 Lac cash means i got a cheque so how that amount be treated?
12 March 2014
still it will be capital gain as they have used the word transfer so refer sec 2(47) which includes relinqueshment of right.
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12 March 2014
another query was that as in future if i sale any of my flat so at that point of time how would i calculate my capital gain because what would be my cost of acquisition of that flat then?? (as i am getting those flats as consideration in respect of land now.)
12 March 2014
sir we have not transferred anything, we just gave our land to promoter to develop property over there and in lieu of that we got five flats, a cheque of Rs 5 Lacs and 4 car parking place. The land is not transferred in the name of the promoter. He only sold all the remaining flats and gave us the consideration for using such land.
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