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Computaion of LTGC tax for flats allotted to the Land Owner
11-Apr-2023 (In Tax Law)
We inherited a land from my father.He bought it on 1982. We made aJVA with a builder on 2011.Allocation agreement was made on 2013. In exchange of an asset,the full value for the computation of capital gains shall be the fair market value of the p roperty(asset) granted in exchanage.In our case exchanage of. asset took place on 2013.so land market value on 2013 is deemed to be the cost of aquuisition. In JVA landowner gives the land as capital asset and in exchange the builder gives apartments.But the builder not yet constructed them.When is the capital gain tax appl Builder gives apartments.
CG will apply on the date of exchange of the asset. In case of transfer of asset in exchange of some other asset, capital gains shall apply on the date of such exchange. In such a case, sale value shall be the cost of asset derived on such date of exchange and indexation shall also apply accordingly.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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