Cap Gains - Inherited Property Redevelopment

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  1. HS Ratti

    HS Ratti New Member

    Sir
    I and my brother have have a a 325 sq yds house in delhi willed to us by our late father. Father acquired/built it in 1962 and improved upon it in 1983. He died in 1998 and mother in 2008. In 2016,we 2 brothers have decided to for redevelopment through a builder in 30 Oct 2015 as per collaboration agreement. He will handover 3 built floors to us by Feb 2017 and retain one floor (22.5% share). A token amount has been transferred to us in Cheque and same has been invested in Capgains Infrabonds (REC) within stipulated time period. Balance of money left out of construction, if any, as per collaboration agreement will be given to us in Feb 2017 on actual sale/registration of his portion (22.5%) rights.
    My questions.. how do i declare the Caps gain in FY15-16 ITR due in Jul 2016. and how do I need to pay CG Tax when i have yet to recieve the money which will be caps gains. this will be in Feb 2017.

    I need to declare the sale now in FY 15-16 and pay cap gains when actual money is received ?
    Please guide

    Thank you

    HSR
     
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