We have a piece of land and we entered into a JDA on Year 2016 (Prior to GST Implementation, July 1st 2017) and Entered Supplementary Agreement, SA in October 2017 for the development of it with a reputed builder.
The land was bought by my grand father in 1957.
The same has been inherited by my father (current sole owner) and he entered into this JDA.
As per JDA we will be getting 7 flats as part of JDA.
Now my questions are
Do we need to pay Capital Gain Tax we have to pay once the possession is given to my father by the builder?
Even if we not sell any flats still on getting possession do we need to pay Capital Gains Tax?
if we need to pay capital gain taxes, are they considered as Long Term OR Short Term Capital Gain Tax ?
Thanks