Please guide in the following matter: An assessee is having a piece of land (Say 10 Acres) which he gives to a Builder who constructs multistoried apartments and some bungalows. In consideration of the land, the builder gives 4 houses (flats & bunglows) to the assessee. Now the situation is, in the name of asset, earlier the assessee had land which is now converted into House Property. Now suppose, after some years, he sells 1 or 2 houses out of the 4 houses received in consideration of his land, then there arises so many questions: 1. What would be the tax treatment? 2. What may be considered as the cost of that house property? 3. How indexation would be done? 4. What value should he show for those houses in his books of accounts? 5. And many more.. Kindly look into the matter and guide.