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.
Landowner Partners with Builder in Joint Development Agreement, Receives 35% Share; Capital Gains Tax Advice Needed. A landowner entered into a Joint Development Agreement (JDA) with a builder, receiving a 35% share of constructed duplexes in exchange for land in Bhopal. The land was initially purchased for 125,000 INR, and the current guideline values are 22,000 INR per SQM for land and 32,000 INR per SQM for RCC roof houses. The owner intends to use two duplexes for personal residence and gift one to a relative. A forum participant advised consulting a professional for accurate capital gains tax calculation based on the detailed information provided. (AI Summary)
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