Capital gains tax calculations

SamSue (Partner) (64 Points)

31 August 2018  

Dear Forum Members:

Some background with reference to my query:

Father gifted land in Bangalore to daughter on Oct-05-2015. 

Daughter entered into a Joint Development project with builder in July 2017. Builder gave daughter Rs. X as non-refundable (good will) amount.

The builder is still working on this joint develoment project as on Aug-31-18.

Daughter is an income tax assesse.

Can you pleae let me know how:

1. Should daughter declare the income of Rs. X she received from builder as good will amount in the FY 2017-18 (AY 2018-19)?

2. If Yes to No. 1 above, how is the Capital Gains tax calculated"

Would appreciate your response please at the earliest.

Thanks and Regards,

Sam Sue