Mohan, the owner of piece of land at Chennai, entered into an agreement with Reality Builders as a Joint Development Agreement for construction of a housing complex. He is desirous to seek your opinion in the context of
CS Professional · Direct Tax Law & Practice · PYQS · June 2019
Mohan, the owner of piece of land at Chennai, entered into an agreement with Reality Builders as a Joint Development Agreement for construction of a housing complex. He is desirous to seek your opinion in the context of provisions of Income-tax Act, 1961 as to: When the capital gain shall be taxed;
Answer & Explanation:
The capital gains shall be taxable in the hands of the owner of land/building as income of the previous year in which certificate of completion for the whole or part of the project is issued by the competent authority.
Topics: Capital Gains
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