Question ID : 21217

Capital Gain on Development Agreement

Landowner has registered Development Agreement with Developer for area sharing basis in FY. 2023-24. The landowner and Developer will receive 6 and 8 flats respectively in the newly constructed building. The building is proposed to be completed in FY. 2025-26.
If Landowner received booking amount towards some of the flats in newly constructed building.
e.g. For 1st flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2023-24.
For 2nd Flat (Consideration - 35.00 Lacs) - Received Rs. 5.00 Lacs in FY. 2024-25.
1) Whether section 145(5A) applicable?
2) In which year, capital gain on land is taxable? - in FY.2023-24, 2024-25 or 2025-26?
3) The amount on which capital gain is taxable?

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