A company bought a piece of land on 29.07.15 for Rs. 40 lakh, it then entered into a joint development agreement on 01.08.15. Now on 1.4.17 the building is constructed and the land owner company gets 70% of constructed area. The stamp value of constructed area is 2 crore. Stamp value of land as on date of agreement was 45 lakhs..
Now in which year capital gain would arise?!.
What will be the sale consideration for the company!?
i think it will be 1.08.2015 since it got converted from single ownership to joint ownership on said date
so new date of acquisition in hands of both will be 01.08.2015 and gain will arise in year of sale
CAclubindia
