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property redevelopment

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 July 2010 I am planning to give my property(I have inherited it) for redevelopment.Area is 3000sq meters( approx)The property was built in 1905 .Builder will demolish the existing structure and take the bricks,wood etc.Builder is planning to construct a block of apartments. I would like to know the tax implications if -
1) I were to accept only a lump sum payment
2)I were to accept a apartment (Of about 2000 sq meters)and a sum of money from the builder.
Will I have to pay long term capital gains tax on the value of the apartment?Can I avail exemption under section54?
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12 February 2012 Experts... Pls reply
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