Capital Gain
This query is : Resolved
29 October 2020
Hi All
I tried to find answers for query but couldn't find so posting query.
one of our client have 2 rooms in south Mumbai Chawl, their owner give chawl for development and in new building developer ready to give all tenants 300 Sq.FT 3 room Block. No agreement was done , but only oral commitment from developer.
Now the question is whether this transaction attracts Capital Gain ? if yes, how to calculate that. one thing to remember that our client will not receive any fund only block instead of 2 rooms in chawl.
kindly respond with related sections, case laws etc.
I tried to find answers for query but couldn't find so posting query.
one of our client have 2 rooms in south Mumbai Chawl, their owner give chawl for development and in new building developer ready to give all tenants 300 Sq.FT 3 room Block. No agreement was done , but only oral commitment from developer.
Now the question is whether this transaction attracts Capital Gain ? if yes, how to calculate that. one thing to remember that our client will not receive any fund only block instead of 2 rooms in chawl.
kindly respond with related sections, case laws etc.
30 October 2020
If both are residential property claim section 54 capital gains exemption considering market value of the property allotted.
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