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Capital gain

abhi (CA) (55 Points)

16 August 2016

How shall the Capital gain be taxed , in case of sale of flats by assessee , which is received by him against sale of TDR to developers ?? please guide on following.

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 16 August 2016

Very complex issue.

The assesse should have either purchased it, or received it under re-development.

So, get the aquisition details, please.

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abhi (CA) (55 Points)
Replied 16 August 2016

Assessee is owner of land and recieved flats as per development agreement (construction of residential complex)

thank you

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 16 August 2016

Very good. Now capital gains over the received flats depend totally upon the conditions of Development Agreement, as the actual date of transer of the land depends upon it. In many cases it does not attract the clause under tranfer of property act also.

So, get the details as per Development agreement.