Capital gains on Joint development agreement, Income Tax

[MOHAMED YACOOB SHARIFF]

Dear Sir, one of the client individual sold the property for ₹ 1.76 crores, and is in receipt of long term capital gains tax, he had purchased the land for ₹ 2.00crores and availed the exemption u/s 54, saying that the residential house will be constructed within the time allowed by the act,

But the above said land has been given to builder under the Joint development agreement on the condition that the builder should give 6 constructed flats out of 10

In the above situation how to proceed?

The above trx related to the asst. year 2013-14, for which return has not yet filed

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.