Capital gain query

Khwaish (Querist) 16 November 2014 This query is : Resolved
This is a real Situation:

A friend (say Mr X)has an ancestral property in West Bengal. Now basically there are only 3 legal heirs to this property(and their children).
This land is sold to a Contractor who will makea complex and hand over 1 flat each to the 3 persons and some cash in periodical intervals.

Now cud u plz help me with tax implications.

Does this flat that will be purchased in return be eligible under Sec 54

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Devajyoti Barman (Expert) 16 November 2014
Meet a tax consultant.

Advocate Kappil Cchandna (Expert) 17 November 2014
This is basically a transaction of construction by a builder, pls explain this in a better manner but as such there is no cap.gain implication.... But if property is first sold and than floor.purchased and cash recieved than tax implication shall arise and cap. Gain provisions need.to be refered........ca karan 9871563826