Question regarding Capital Gain
I have recently inherited 2 floors of a lease hold property. This is a 3 floor property and is located at NCR. Recently, a builder has approached me and offered to rebuild the property. He is suggesting that I could either opt for 2 floors and consideration (cheque amount) or I could opt for 1 floor and consideration (cheque amount) in lieu of my share.
Let us suppose for this exercise, value of each newly build floor to be 200/- and the consideration being 100/-.
With the available amount, within the next few months, I propose to buy a flat for self occupation, which could be priced at 75/- or 150/- (option is mine).
Consider the current CSI value to be 10/- and the possibility of investment in govt bonds to be 50/-
My questions are:
Will the capital gain be applicable on complete transaction ( 2 floors and consideration) or will be on 1 floor and consideration or just consideration as the case maybe?
How can I save on Capital Gain tax while keeping the transaction in cheque?
And which of the 2 is a better option? Considering that I stay at Bangalore.
Thanxs in Anticipation