Capital gain tax on redevelopment of property
This query is : Resolved
14 May 2018
I am going to buy a flat worth Rs. 6300000 , now this building will go into redevelopment in 2020 and we will get new flat within 2 years worth rs 1 crore. So in this case so we need to pay capital gain tax?
CA SANKET GARG
(Expert)
15 May 2018
No Capital Gain Tax is to be paid. Since you are not selling the flat and not receiving any sales consideration.
CA PARAS BAFNA
(Expert)
15 May 2018
Yes, you will have to pay tax on short term capital gains in accordance with the normal rates applicable in the AY corresponding to 2020..
CA SANKET GARG
(Expert)
15 May 2018
But Sir, its personal property and not business one then how Short Term Capital Gain is applicable?
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