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Last Updated On 01-Apr-2022
Tax

Capital gains income tax

We are landowners for a site and we entered in to JDA . As part of that JD., we got 6 flats which was sold in FY19-20. Each flats costs 50L average and commision and furniture also cost 8Laksh per each flat. We didnt collect any GST from the buyer during our sale for 6 flats. Now the question is 1. what will be the capital gains tax that we have to pay? 2. Since we didnt collect the GST from the buyers, should we pay GST to the department?

( Chittoor, Andhra Pradesh )

30-Mar-2022

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A.
Dear Sir,

Long-term capital gains are taxed at 20%. For a net capital gain of Rs 63, 00,000, the total tax outgo will be Rs 12,97,800. This is a significant amount of money to be paid out in taxes.17-Feb-2022
Debt Funds: At tax slab rates of the individual
Equity Funds: 15%
Funds: Effective 11 July 2014
Posted On 01-Apr-2022
Kishan Dutt Kalaskar
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A.
Dear Client,

As per the facts which have been provided, at the point when a developer comes into contract with the landowner using Joint Development Agreement (JDA), GST will be payable by the owner of the land at the time when the developer transfers back the rights or possession to the landowner by signing an allotment letter/conveyance deed.

Hope this clarifies your query and requirement.

Thank you.
Posted On 30-Mar-2022
Vidhikarya
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A.
Dear Client

Here are your answers
1. For the capital gains that you made out of selling the flats you need to get in touch with a CA who will be guiding you properly and also calculate the tax to be paid.
2. If you are planning to pay the GST then ideally you should have taken it from the buyers and try to get it now from them if they pay.
Posted On 30-Mar-2022
Abhimanyu Shandilya Advocate Abhimanyu Shandilya
Abhimanyu Shandilya
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