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Messages - yameen

  Thanks a lot for all the knowledge shared by the members for solving my query i would never forget this favor done by all the members especially Majumdar

 sir please clarify one thing should i pay tax on entering into agreement with builder for 59% of land....i.e.., when we enter into agreement for JDA then on giving Power of Attorney should i pay tax on 59% ?
 Ok sir if then its the case then FMV for the land is only Rs.800/- per square feet but when i get the cost of flats after completing the project the value will be much much more then that of FMV of land so if i pay capital gains now then my liability ceases/completed
 Sir X is transferring the property to his son only to avail exemption U/s/54F because X cant avail it can he do so. And if he himself(X) gets 20 Flats then what is the value of sale consideration is it cost of the flat (incurred to developer) only or its land cost + cost of the flats incurred by developer

Thanks in advance
 no sir development will be done by another person say "Y" and he in turns give the developed share to X but since to minimize tax can X transfer the land in the name of X's son because X can not avail deduction U/s 54F so at least his son can avail deduction U/s54F ??Can X do that and avail deduction U/s54F for all 20 Flats??

    Sir can you please provide me the exact section of finance act 2012 where its stated that land value shall be taken as sale consideration? Pl sir
   Sir thanks a lot for your replies but i have another question here it follows

          For instance Mr.X gets 20 flats and he is already holding two houses so can he transfer this land to his major son(he has no house) then can he sell that 41% shareholding and invest in another property and avail 54F exemption?

         Another if i want to pay capital gains now on which amount he pay?
Discussion / Caiptal Gains tax query - Urgent reply
June 28, 2012, 02:11:31 PM
      The land belongs to '' X '' and he has entered into an agreement with ''Y''(who is a builder)
the contract is to construct the apartments and give 41% of apartments to me and he must take over 59% of apartments and for this a power of attorney is executed and as per income tax provision and a case law of Jabasir singh sarkaria (2007) (AAR)  its held that tax need to be paid the moment power of attorney is executed and to avoid such tax in power of attorney a clause need to be made stating that the power is given to builder only on completion and not otherwise

           My question is to know  tax planning of 59% i.e.., can X transfer it to his wife or daughter and claim exemption and how can i make the documents so has to give right on the property only after completion of the project and not otherwise
         Need a urgent reply

Yameen Ahmed