1) what is cost of acquisition were flats acquired on development agreement and
2) what is tax treatment on sale of flats is within 3 years or sale of flats is within 1 year acquired on development agreement
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182233 Points)
Replied 10 July 2016
1. Total cost of flats/area received is equal to cost of land given for development on the date of transfer.
2. Depends upon the clause of development agreement. One of the method takes date of acqusition of flat same as date of land purchased, for arriving at LTCG.
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