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taxability on sale of property under tenancy rights/pagadi s (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
28 April 2010

Say I am occupying a house on tenancy rights besis or more commonly known as pagadi system. I sell this house. What is the taxability scenario in this case?

Aditya Maheshwari

( Expert )
28 April 2010

Sale of tenancy rights is taxable under the head capital gains.

B.Chackrapani Warrier

( Expert )
28 April 2010

Tenancy right is a capital asset. Its transfer,therefore, attracts provisions of capital gains tax. Cost of acquisition has to be determined under section 55(2) (a) (i) or (ii) of the Income tax Act,1961.



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