Question ID : 37985

CAPITAL GAIN IN CASE OF DEVELOPMENT AGREEMENT

Assessee entered into development agreement with a developer to construct multi store residential building on his land. The assesse will receive 8 flats after construction of building as consideration. Now the assessee has sold 4 flats in the building for which completion certificate has not been obtained from the competent authority. The remaining 4 flats will be sold after obtaining completion certificate. The development agreement executed in the F.Y. 2016-17. And the 4 flats are sold by the assessee in the financial year 2018-19. The completion certificate will be obtained in the F.Y. 2019-20, and the remaining 4 flats will also be sold in the F.Y. 2019-20. My question is how to calculate capital gain tax u/s 45(5A) relating to transfer of land and transfer of 4 flats prior to obtaining completion certificate in the F.Y. 2018-19. Further how to calculate capital gain tax on transfer of remaining 4 flats after transferring the same in F.Y. 2019-20 after obtaining completion certificate. Please do the needful

posted by MAHADEO VIRUPAX WALI on Feb 16 2019 12:00AM