I had 1500 SQM land,did JDA 2013 with builder in 35% and 65%.The guideline value of land in 2001-02 was 1200/- per SQM.Now the duplexes are ready for possession of my 35% share i.e.the 3 duplex (constructed area of 108.82,120.7,110.5=340.02 SQM)in lue of the whole land.The guideline value are land=22000/- per SQM and RCC roof house is 32000/-per SQM.Can any body tell me :1.How much GST to be given to builder by me (Land owner)
2.How much capital gain Tax is to be paid to IT Deptt
The fact is that I am not going to sell any duplex and will use 2 units for our residence and 1 unit had to gift to my close near relative.
Landowner Seeks Tax Advice on GST and Capital Gains for Duplex Development Under Joint Agreement. A landowner entered into a Joint Development Agreement (JDA) with a builder, allocating 35% of the development to themselves and 65% to the builder. The land, originally valued at 1200 per SQM in 2001-02, is now valued at 22000 per SQM, with the constructed duplexes valued at 32000 per SQM. The landowner seeks advice on the Goods and Services Tax (GST) payable to the builder and the capital gains tax due to the tax department. They intend to use two duplexes as residences and gift one to a relative. A respondent suggested consulting expert professionals for advice. (AI Summary)
TaxTMI 
TaxTMI 
