| Topic : New Income tax slab |
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Business and Law
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Activity:
Question posted: 10 28 2009 11:44:03 +0000,
2 answers, 1075 views, last activity
07 06 2010 20:18:08 +0000
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Builder – Landowner Joint Developments in the Real Estate Sector normally follow this pattern, wherein the Builder or Developer offers Built-Up Space in the proposed Building to the Land Owner in lieu of his Property valued at a certain price. Other than the value appreciation that the Land Owner gets through the progressive value appreciation for the stock he holds, is there any other benefit he can expect by not alienating his share? Besides, what proposition makes it possible for him to get exempted from paying Capital Gains Tax?
As per existing capital gains tax law, capital gain tax will be attracted if following three elements exists
1.Transfer of capital asset from one person to another
2. Transfer is for valuble consideration and 3. Transfer of asset took place in India
If these three are present then capital gain tax will be attracted under Indian Income Tax Act, In your case there is a transfer involved in case of land , ownership of the land is transfered from land loard to builder;
Transfer is for consideration by way of ownweship in building and trasfer is within India, for the purpose of consideration market value of the ownership in building is to considered. and there for capital gain if any will be charged to tax.
capital tax will arise only when he sells the property.
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