chsriman (Other) 13 August 2015
We have a 5 acre undeveloped land. Recently, we made an agreement with a property developer to develop the land and mark plots. As part of the deal we are giving him 35% of the plots. We are not receiving or paying any cash. Do we need to pay capital gains tax on this transaction?
amarsinha 14 August 2015
First of all tell the status of the owner of such land!
The other aspect which I could understand is that the developer
will develop the land at his cost and you will give him 35% of plots
created in liue such development ---- am I true?
chsriman (Other) 14 August 2015
There are 4 owners. 3 of them are resident individuals. 1 of them is an NRI. You are right. The developer will do work like flattening the land, laying roads, marking plots, building foot path, laying drainage pipelines, electricity connection, street lights, etc. He will not be paid any cash but will be given 35% of the plots created.
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