Capital gains on sale of TDRs

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poornima (Querist)
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06 August 2024 Assessee got TDRs on compulsory acqusition of site during 2019. He sold these TDRs for new constructions and not for redevelopment during 2022-23 and 2023-24 Financial years and realised Rs.1 Cr. whether Capital gains provisions applicable or not. If applicable what will be the cost of acqusition for those TDRs. Please support the decision with applicable case laws. Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 August 2024 TDRs arising out of an present land was an immovable property, the transfer of such TDR amounted to transfer of a long-term capital asset, & So Income tax taxpayer is liable to be taxed for the consideration received under “Capital gains.”
Capital Gains arise derived from Transferable Development Rights (TDR) or Additional Floor Space Index (FSI) sale is taxable under the head as Long term capital Gain after 1st April 2023.

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