suppose 200 yards land purchased long back for Rs.10,00,000/-
now it was given for development at a consideration of two flats out of 12.
as a result I would be the owner of just 70 yards undivided portion.
flats not sold & want to keep on forever.
builder selling flat for 70 lakhs each.
Is there any problem on account of capital gains?
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Land offered for development & it's treatment
Replies (1)
If both the flats are used for self occupation, there will not be any capital gains liability !!! (exemption u/s. 54F, subject to fulfillment of other conditions)
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