Capital Gain Tax in Joint Venture Property Dealing
Dear Sir,
I had a plot which I gave it to a builder in JV ..Now the builder would construct 8 flats on it in total 4 floors, whereby he would keep 5 flats and I would get 3 flats .
I would get 1 flat on 1st floor and 2 flats and 2nd floor .
Now I want to retain both flats of fourth floor and use it as one residential property as I have a large family and want to dispose or sell off my 1st floor flat ..
Land Value as per RR Rate of the land is around 1 crore so I belive in JV since half flats on land would be with builder capital gain would be for me on 50 lakhs .
Now value of 1 flat as per RR rate is also 50 laks and since Il be converting 2 flats as one ,value of flats would be 1 crore .
So now question is since the agreement happened on September 2016,should I while filing returns mention that against this capital gain I have reinvested the amount in this flat.
What proof do I need to submit to IT Department .
What happens when I sell off my 1st floor flat .How would tax be calculated on it .Lastly I already have a ancestral flat on my name where I am currently living ,can I still take benefit of Section 54.