banner_ad

Capital gain on Sale of Development Rights

This query is : Resolved 
Profile Image

Profile Image

(Querist)
21 November 2009 Dear Experts,

Mr. A had a self occupid property on which only ground floor was constructed. He entered into an agreement with the developer for sale of Terrace rights to the developer for a consideration of Rs. 10,00,000 plus renovation of his portion.

How mush will the capital gain be in as the COA in this case will be Nill. Secondlly can i claim exemption u/s 54F as Mr. A owns only one property.
Profile Image

C.A.Amitabh Gupta

Profile Image

C.A.Amitabh Gupta (Expert)
23 November 2009 Since COA is Nil- Capital gain will be Rs.10 lacs. Mr. A can claim exemption u/s 54F if he has purchsed a residential house within 1 year before the date of transfer or 2 years after the date of transfer or constructed within 3 years after date of transgfer and he should not own more than one residential house on the date of transfer and should not purchase and 2nd residential property within 2 years after such date or construct within period of 3 years.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details