I had purchased 1500 SQM land in Bhopal in 125000/-. I had JDA in 2013 with a builder in 35% share built up to me and 65%.to builder. 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 of land=22000/- per SQM and RCC roof house is 32000/-per SQM. The fact is that I am not going to sell any duplex and will use 2 units for my residence and 1 unit had to gift to my close near relative.
Can any body calculate capital gain Tax on me.
Capital gains on land development agreements: calculate tax when land is exchanged for built up residential units and one unit is gifted. Computation of capital gains tax where a landowner under a joint development agreement received built up residential units in lieu of land; valuation issues include original cost of acquisition, benchmark guideline values at acquisition and transfer, and constructed property rates. The owner intends to retain two units for residence and gift one unit, raising questions about tax treatment of residential retention, gift transfers, and valuation when consideration is in kind. The recorded reply advises consulting a practising tax professional to compute tax after furnishing full documents and facts. (AI Summary)
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