Joint Development Agreement of Land

[UpendraKumar Diwan]

GST and Capital gain Tax in Joint Dev.Agreement on the share of land owner

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.

AI Summary

Landowner Faces GST on Duplexes in Joint Development; Seeks Capital Gains Tax Guidance for Personal Use and Gift A landowner entered into a Joint Development Agreement (JDA) with a builder, exchanging 1500 sqm of land for a 35% share in the constructed duplexes. The land's guideline value in 2001-02 was 1200 per sqm, now valued at 22000 per sqm, with the constructed duplexes valued at 32000 per sqm. The landowner inquires about GST and capital gains tax liabilities, stating no intention to sell the duplexes, but to use two for residence and gift one. A respondent advises that GST should be based on the open market value of the duplexes, payable by the developer, but does not provide capital gains tax advice.