Capital Gain
This query is : Resolved
abdul kasim
(Querist)
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.
CA R SEETHARAMAN
(Expert)
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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