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Individual had entered into a Collaboration Agreement with a Builder for X amount, in February, 2018 , for redevelopment of an existing property. It was never registered.
Certain amount have been received as per the terms of such agreement.
Existing Property consisting of 2 floors was demolished and total 8 units have been re-developed,.
Out of the total 8 units, 2 units are to be sold to the Builder and balance 6 units are to be sold to outsiders.

The existing property has been valued as on 01.04.2001. All the 8 Units are proposed to be sold in F.Y. 2020-21.

Can one explain the taxation of this entire scenario.

Whether exemption u/s 54 eligible since more than 1 House Property has been built up?

Please guide.

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