Capital Gain Tax on Plot Development Agreement

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  1. aamod

    aamod New Member

    I am politely requesting you to extend your guidance with expert opinion/recommendations in below mentioned case :- (Owner of both properties is ONE having one more Resi flat)
    • Residential Flat (Pune) :- agreement to sale on 10/06/2015 & sale deed on 19/07/2015 ( Capital Gain computed is approx. 5 Lacs which is received)
    • NA Plot (other town) given for simple Development agreementwith power of attorney on 22/06/2015. (its not Joint Development Agreement) ( Plot owner will get 2 Nos of 1- BHK adjacent flats without any cash transaction. These 2 flats of will be received by Dec'2016)
    Now My Querries are as below :-
    1) Whether Capital gain tax is applicable for Plot Development Agreement? if yes - How capital gain is calculated & how it can be exempted?
    2) Can i get the exemption under 54F by showing both new flats as investment in case of Plot development capital gain? if yes how to show the computation for exemption.
    3) Whether both the capital gains are considered / treated separately if exemption is taken as per 54 & 54F for resi flat sale & plot development respectively.
    4) Can i show these (above said) 2 flats for exemptions against capital gain of Plot Development ( 1 No. 1BHK flat) and against capital gain of Flat sold (another 1 BHK flat).
    5) if the exemption under point no.2 (above) is not possible, can i invest both capital gains (from flat sold & Plot Development) in single residential new house / flat.

    Sir, i am very much thankful & grateful to you if you kindly clarify the above point wise.
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