Sale of accretion to property under redevelopment

Inderjit Singh (Consultancy) (25 Points)

27 August 2011  

Dear Friends

A society is under redevelopment and members are getting 20% extra space for the property held by them.

If a member wishes to sell his share now will there any tax on proceeds, if yes then under short term or long term?? And what will be the cost of acquisition??

Kindly enlighten us on the issue