Taxation on new property on own land

Puspal (Querist) 23 December 2016 This query is : Resolved
I am a salaried person. I had a inherited house and land from my late parents. I was the sole owner of this inherited house and land.

This house had been demolished and a new residential apartment building with a commercial ground floor has been built in a joint venture with construction promoter. Now I received one commercial shop and 4 residential flats in this building after development. Amongst those, I sold out one residential flat in current year. Rest of the flats are in my possession but neither sold/rent/registered. Only having possession letter.

My question is:
1. What is the income tax implication for me this year?
2. Should I need to pay income tax for all the flats in my possession?

Please suggest.

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