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The following matter needs to be examined supported by the case laws and the provision of income tax act & wealth tax act, from four different viewpoints to check
· The incidence of capital gain,
· The availability of exemption u/s 54 or 54F of income tax act, 1961 &
· The implication of wealth tax act on below mentioned issues.
Issue No.1
An assessee has a vacant plot. He has constructed a four-story building on that plot. He sold 3rd and 4th floor for Rs. 35 lakhs each.
Issue No.2
The assessee has a vacant plot. The said plot has been handed over to a builder to construct a four-story building under joint development agreement. As per this agreement the builder will get 3rd and 4th floor as consideration.
Issue No. 3
The assessee has a one story building constructed on the said plot. The assessee has demolished the building and handed over to builder. Rest facts are similar to issue No. 2.
Issue No. 4
The assessee has a one story building constructed on the said plot. The assessee has handed over the building alongwith plot to builder. Rest facts are similar to issue No. 2. |
