LTCG in case of Plot Development

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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 plot is ONE having one more Resi flat other than below plot)
    • NA Plot (nagar parishad town) given for simple Development agreement with 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 owner for Plot Development Agreement? if yes - How capital gain is calculated & how it can be exempted?
    2) Can he 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.
    5) if the exemption under point no.2 (above) is not possible, can i invest both capital gains (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.
     
  2. ZED

    ZED Well-Known Member

    Yes.

    It will actually depend upon the facts of the case but yes it is possible to claim exemption.

    Directly point 5 after point 3..
    Why you said "both capital gains" ??

    You might be feeling that your query has not been answered in detail but your query is quite vast and highly subject to change due to change in facts.

    You may contact me through mail
    [email protected]
     
  3. aamod

    aamod New Member

    DEAR SIR,

    I HAVE ALREADY SENT THE DETAILS ON YOUR MAIL ID & I AM READY TO PAY YOUR PROFESSIONAL CHARGES... PLEASE GUIDE ME ....
     
  4. ZED

    ZED Well-Known Member

    Sir, I sent you a mail yesterday. Kindly check.
    I am also re-sending it. Discussion will take substantial time. I require certain changes so as to enable you to exemption entitlement.
     
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