Capital gain tax on joint development agreement


Respected Seniors 

I am an Advocate, My father purchased Residential Land Rs. 13,34,000/-  on Date : 18/04/2012

Date of Development agreement on 04-02-2016 with a condition of Registration Builder Flats both the signatures of parties i.e site owner and Builder to customers, Without site owner consent Builder cannot sale his share.

Site owner Flats site owner can sell exclusively to customers.

We paid Stamp duty of 1% on joint development agreement, Normal Regular GPA stam duty fee is 6.5% in Andhra Pradesh.

  1. Total 18 Plots : 10 Flats to Builder, 8 Flats to site Owner

Total Sft to Site Owner : 8194/- Sft

Total Sft to Builder : 10,487/- Sft.

Is it capital gain tax applicable, according to my argument here there is no transfer of land to builder until unless completion of building and handover of owner share with the specifications mentioned in the agreement.

On 31-03-2016 its only foundation stage, at present also its only 50% completion.

and one more important point is builder (in his share of 10 Flats) sold 4 Flats to customers (with signatures of both the parties of site owner and Builder)

Is it liable to pay capital gain tax on 31-03-2016, with this transaction.



Attached File : 333837 20170111191942 details .pdf downloaded 12 times
 
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