One of our client is residing in co-op housing society. Now that society is going for re-development. Each members will get more area than the current area. Our client is the owner of 2 flats (Total area of 2 flats = 1,000 sq. feet). In the new society he is going to only get 1 flat (Total area = 1,600 sq. feet.
My question is whether our client will be taxed for capital gain or any other tax or not?
02 July 2015
sir so can i say that "amount received by members were in effect for granting the developer the right to load TDR on the plot of society, which right came into existence only under the Development Control Rules, 1993 and which right therefore had no cost of acquisition. And in the absence of cost of acquisition capital gain can not be computed"
CAclubindia
