I have purchased land in 1995 and recently in Aug 2014 given it fir development to a builder. He will construct 4 flats and give two for me and keep two for himself for selling. Is there a tax liability for me in this scenario. If any what type and when do I have to pay this tax as I have not received any constructed house Thanking you
1 Answers
As per our knowledge, this should result in capital gains.
You can treat it like selling half of the land and buying two flats back from builder. You can compute long term gains as per government rate in that area and also avail tax benefit u/s 54F.
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