My client (a Company) had purchased a land in year 2001-2002. He had incurred brokerage on such land in the same year. In year 2009-2010, he incurred some other expenses also. Now, in year 2011-12, he made an agreement with a developer to construct a multi-storey building on such land. The developer constructed 4 floors on the building. Instead of giving cash/cheque to the developer for such construction, the client gave him possesion to the 3rd & 4th floor. The land is still in the name of the client. Will it be considered as transfer of capital asset and come under the purview on long term capital gain????
In year 2012-2013, the client (having right on land, 1st & 2nd floor) gave 2nd floor on rent and exchanged the 1st floor with X person for his ( X ) property at another place. What will be its tax treatment??? Will it be considered as STCG or LTCG????
!!!!!!! URGENT !!!!!!
CAclubindia
