Taxability of car parking area in a commercial development agreement (capital gains)

sreedhar musipetla (Querist) 05 January 2015 This query is : Resolved
whether parking areas in a commercial complex constructed under development agreement from Agreement-cum-GPA is amenable for taxation (capital gains) or value of car parking area cannot be assessed for assessing capital gain for owner of property?

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Devajyoti Barman (Expert) 06 January 2015
meet a tax consultant.

Anirudh (Expert) 06 January 2015
Please indicate in detail the fact situation, which gives rise to your query.

Guest (Expert) 06 January 2015
Consult the CA Club of the same Forum Or A CA.Do Not Be Misguided by Jack of All Trades.

Vineet (Expert) 06 January 2015
The car parking has been received as consideration under development agreement and must have a value assigned for it. The plea that cost cannot be determined and therefore capital gain computation mechanism fails taking shelter of B C Sreenivas Sheety case may not find favour in this case.

Rajendra K Goyal (Expert) 06 January 2015
Consult local tax consultant.

T. Kalaiselvan, Advocate (Expert) 09 January 2015
You can follow the advise rendered by expert Mr. Vineet on the subject or can consult a local tax consultant for further details.

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