Case is Mr.A(tenant) was leaving from last 50 Years on rent & that property is going to reconstruct so the person who is going to purchase land & building is given flat to tenant on their (tenant-Mr.A) ownership Payment transactions are processed from Tenant's Account So What would be the effecxt of TAX on same??
Is their any provision for Tenant leaving from last 50 years but rent agreement is not executed??
25 September 2016
This transaction amount to selling tenancy rights which will be treated as long term capital gain which is invested in a house property exempted u/s 54. No problem of non execution of rent agreement.
CAclubindia
